2nd Mortgage Business Loans

2nd Mortgage Business Loans

A second mortgage is an additional loan taken out on a property that already has a primary mortgage, allowing homeowners to borrow against their home equity—the difference between the home’s market value and the balance left on the first loan.

Our Funder registers behind your current lender, from $20,000 to $5,000,000, to a combined LVR of 80% on residential security or 70% on commercial, typically settling in 24 to 72 hours.

Choosing a second mortgage lender

Second mortgages are a specialist corner of lending and second mortgage lenders differ more than their websites suggest. These are the answers you should be seeking for a fast turn around.

• Is there a valuation? Not required in most cases.
• What is the smallest loan? Lend from $20,000 up to $5 million.
• Is there a minimum term? No minimum term and anytime, with no penalty.

Second mortgages are for business owners that own property anywhere in Australia.

Why not just refinance?

Because refinancing to release $300,000 can cost you the rate on $900,000. If your first mortgage was written when money was cheaper, or it is a fixed loan with break costs, or your current financials will not support a new full-doc application, refinancing is the expensive way to solve a contained problem. A second mortgage leaves the good loan alone and prices only the money you actually need.

It is also faster. A bank refinance is a three-to-eight week process with a full credit assessment. A second mortgage behind it is a title search, a consent where required, and a set of documents.