Fast Second Mortgages funded in 24 Hours

What are Fast 2nd Mortgages?

Fast Second Mortgages business loans are secured business loans that sit behind an existing 1st Mortgage with your bank. HomeSec Second Mortgages are perfect if you need access to extra funds by tomorrow, and have sufficient equity in your home or real estate asset.

HomeSec 2nd Mortgage Loans can settle within 24 hours, which is much better than waiting months to refinance your current 1st mortgage.

Fast Second Mortgages are affordable Interest Only loans

A Principal & Interest loan has much higher monthly payments which puts pressure on your cashflow. However, with Second Mortgage Loans, you simply pay the interest each month which makes the monthly commitment a lot less.

At the end of the 12 month term, you can pay the 2nd mortgage loan out (often through the sale of an asset, or refinance). OR you can extend the loan with no additional fees. You simply continue to pay the interest each month and payout whenever you choose.

As it is a business loan, all interest and costs are fully tax deductible.

What is Required?

Get Access to a 2nd Mortgage Loan in Australia from HomeSec

A second mortgage loan is considered the second charge over a property with already another loan on it. The mortgages get ranked based on the order in which the borrower has taken the loan. This funding is a great option for business owners who need funds fast and have available equity in a property. You can apply for 2nd mortgage on a property when you need additional funds for any other purpose.

Definition of second mortgages

This type of loan is a charge on a property, subordinate to another loan like a first mortgage. It is a fixed amount that the borrower has to pay within a specific time. Before applying for funding, you should evaluate your home equity and the market value of your property relevant to any loan balance. You can increase or decrease the repayment period of 2nd mortgage loans for bad credit, but usually, they are for a short time of one month to one year.

2nd mortgage lenders offer more competitive interest rates than unsecured funding as the funds are secured against your home. HomeSec settles 2nd mortgage funding within 24 hours after caveat or second mortgage registration. We also help the borrower to refinance any debt with this funding. It is an excellent lending alternative to mainstream loans. So if you have been rejected or turned away for this loan type by conventional financial institutions or banks, HomeSec is always there to rescue you.

There is also interest-only second mortgage finance with a repayment period of 1 to 2 years. Sometimes, there can be circumstances when the current loan gets secured at a competitive rate, and the borrower might require extra funding for business purposes. In this scenario, 2nd mortgage lenders in Australia are useful by offering a cheaper loan option for refinancing the entire loan. In the repayment period, you only have to make interest only payments. When the loan term ends, the borrower has to pay back the principal loan amount. Thus, you will need a strong repayment plan or exit strategy like selling a property, refinance or other ways to repay the entire funds at the term end.

Are second mortgage loans the best option?

Second mortgages can be the best option for you if you are stuck in any of these situations.

• You are a developer or a builder and need urgent cash for your project
• If you have property equity and required capital for business purposes like paying debts, buying inventory or starting a new company
• 2nd mortgage loan also helps in refinancing the high exit fees on the fixed first mortgage loan
• 2nd mortgage funding can also be used to pay outstanding tax debts
• Needs urgent short-term and bridging loans

Tips to get a second mortgage loan from HomeSec Business Finance

Applying for a second mortgage is a quick and easy process with Homesec, provided you have sufficient equity in real estate you are almost certain to be approved. The below tips will get you easy approval for 2nd mortgage loans for bad credit. You have to be financially stable to repay on time and manage your mortgage. Always get a quote from 2nd mortgage lenders to know the repayment terms and interest rates before submitting the online form. It will help you to know what you are getting into. Get ready with all your documents before having a hassle-free approval process.

The amount you can borrow in this funding depends on 2nd mortgage lenders in Australia, but the LVR on your property will be lower than the first mortgage. However, you can get more funds in second mortgage finance if the equity has increased due to increased property value with time or if you have paid back a massive first mortgage amount.

Advantages of second mortgage loans

This type of funding comes with numerous benefits:

• Faster and easier to acquire as the borrower does not have to go through traditional bank requirements
• Include customized terms as per the borrowers’ requirement
• Can get approval even with a history of bad credit
• Quick and easy process
• The borrower can repay the second mortgage loan early to remove the title from the property.

HomeSec Business Finance offers the loan against the following properties as securities.

• Residential properties
• Industrial properties
• Residential properties in rural locations
• Commercial properties
• Vacant land
• Acreage properties (subject to size)

Documents Necessary to Get Funding Approval for Second Mortgages

You need to submit the below documents for the funds’ verification and approval.

• Copy of ID
• Rates notice
• Mortgage statement
• Completed online application form

It is not compulsory to apply for a second 2nd mortgage loan from the first mortgage lender. HomeSec has been dominating the second mortgage loan sector for years and knows the exact requirements of the borrowers. So if a bank has said no to your business loan application, HomeSec will say yes, provided you have sufficient equity and meet our lending criteria!