A second mortgage is just that, another mortgage on your commercial or residential property. It is a loan secured against a property that already has a mortgage attached to it.
This type of loan is for times when you need money quickly.
Our second mortgages are ideal when existing cash flow is just not enough to meet your current financial needs and the chance of finding some money 'just lying around' is looking pretty slim.
Using your property as security may allow funds to be available as early as 72 hours from approval.
The application and approval process is simple and painless.
Second mortgages can start from $5,000 however the total amount available is determined by three key factors:
- the value of your property
- your ability to meet repayments
- your preferred exit strategy
Our friendly staff are able to evalute your situation in one quick phone call.
A few of the great things about a second mortgage include:
- Easy to apply ?generally speaking a second mortgage is easier to qualify for than a home loan as a lot of the paperwork and preliminary assessments required for a home loan application are not required. In some instances we may only require your proof of identification and an evaluation of your property.
- Fast approval ?As the amount of paperwork required to apply for a second mortgage is considerably less than other loans, such as home loans or personal loans, we can have your application approved and transfer the funds to your nominated account from within 72 hours.