What is the loan term of a Short Term Business Loan?
Short term business loans (as the name suggests) are loans that are for a short term of 1 month through to 6 months. They are not a long term solution, but rather just an immediate short term fix.
How do I qualify for a first mortgage loan?
Simply own a property with sufficient equity, which has a Clear Title. (ie: no other mortgages or caveats on the title)
What is required for a First Mortgage Loan?
You simply need a rates notice for the property, and photo ID for each person on title (ie: each owner). If the property is in a state where paper titles still exist, you will also need to have the Certificate of Title in your possession.
What loan amount would I qualify for?
In most cases, you can borrow up to 75% of the value of the property. That means if the property was worth $950,000, you could borrow up to $712,500 including capitalised interest and costs.
Will I get approved for a First Mortgage Business Loan?
If you have sufficient equity in real estate and a business purpose for the loan, then you are almost certain to get approved and funded in 24 hours.
How long can you have a bridging loan for?
Our Bridging loans are usually for a term of 1 to 6 months, however we are all about flexibility and we can extend our loan terms to 12 months or more if required. We will work in with your individual needs.
My property already has a mortgage on it. Can I still use it for a bridging loan?
YES absolutely. As long as there is sufficient equity in your property, we can still lend to you, and it won’t affect your current 1st mortgage loan.
How much can I borrow on a 2nd Mortgage business loan?
We lend from $20k to $2m, however as these loans need to be secured by real estate, it will depend on how much equity is in the property (or multiple properties combined)
How do I qualify for a 2nd Mortgage business loan?
Let’s work out how much equity you have. Start by working out what 75% of your property value is. Then subtract what you owe on your current 1st Mortgage, and the answer is the amount we can lend you. So if your property is worth $1,000,000, x 75% = $750,000. You owe $350,000, which means […]
Is it better to refinance or get a second mortgage?
Refinancing a property is a long and slow process, with an extensive number of documents needed to be provided. A 2nd mortgage on the other hand is a much better option if fast approval is necessary. It also allows for tax benefit deductions which is not permitted if you simply refinance your home loan.