How many mortgages can I have on one property?
Generally only 2 mortgages on a single property, as most reputable business lenders won’t sit 3rd on a title.
How do these loans work?
Taking a 2nd mortgage means that you are applying for another loan using the same property as security. This is handy if you already have a 1st mortgage, but you just need a short term top up. It’s faster and easier than refinancing your current 1st mortgage.
What is an equity release business loan?
Equity release business loans are loans where the borrower uses their property as collateral, allowing them to access the equity in their property for business purposes without having to sell it.
Who is eligible for equity release?
To be eligible for an equity release loan, the borrower must typically be a homeowner and have significant equity in their property
Can I pay off the equity release early?
Yes, in most cases, it is possible to pay off an equity release loan early. However, there may be early repayment charges associated with paying off the loan before the end of the agreed term
Can I take out equity release if I have a mortgage?
Yes, you can take out an equity release loan even if you have an outstanding mortgage on your property.
Can you take out equity release more than once?
Yes, it is possible to take out multiple equity release loans over the course of your lifetime. However, each additional equity release loan will increase the amount you owe and will also reduce the amount of equity you have in your property.
Can you take out equity release on a leasehold property?
It depends on the lender and the terms of the leasehold agreement. Some equity release lenders may not offer equity release loans on leasehold properties
What is a Low Doc Business Loan?
A Low Doc Business Loan is a type of loan that is designed for small business owners who may not have traditional documentation to support their loan application
Are there types of Low Doc Business Loans?
Low Doc Business Loans can come in various forms, including unsecured loans based on creditworthiness, secured loans with collateral, merchant cash advances based on future credit card sales, invoice financing for advance payment of outstanding invoices, and asset-based loans using business assets as collateral.