How much can I save when I refinance my commercial property loan?
Mr Ng, a 45 year old coffee shop owner runs ABC coffee shop at Bedok. His current coffee shop commercial property loan interest rate has risen to 3.75% in the fourth year. During kopi chit chat sessions, he heard from his friends who also owns commercial units for their businesses mentioned that they are paying much lower in interest rate. The current outstanding mortgage on Mr Ng’s coffee shop mortgage is about $1.9 million.