Second Mortgages
Second mortgages are another mortgage on top of your existing first mortgage. The interest rate on a second mortgage is higher than a first mortgage because the Second Mortgage Lender has less security.
When time is of the essence and you need a loan of quick approval and settlement a second mortgage is the way to go. Great for short term situations i.e. bridging finance, debt consolidation, cash flow problems etc.
A lender from our network of private lenders will lend you money based on the equity in your security property.
We skip all the red tape and paper work involved with traditional lenders, if you have equity in your home its likely our lenders will lend you money.
Lenders lend on a range of security properties from Residential, Commercial, Industrial, to Vacant Land and take a Second (2nd) Mortgage over the property.
The following is a typical Private Second Mortgage loan:-
Type: Second (2nd) Mortgage
Security: Residential, Commercial & Vacant Land
Location: Metro QLD, NSW & VIC. Other areas considered on application.
Loan Amount: $20,000.00 – $2,000,000.00. Other amounts subject to application.
Rate: 2% per month to 4% per month***
LVR: Up to 75%
Loan type: Interest Only
Loan Term: 3-9 months
*** Interest may be capitalized for the term of the loan subject to the equity in the property.
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