A second mortgage is taken out against your current property – in addition to your current mortgage. When you apply for second mortgages, it means you’re applying for a home equity loan.
You can use a 2nd mortgage to improve, add, or grow your business as long as you have a property to borrow against.
Use equity in your home to pay down credit card debts.
Make additions, remodel or just make necessary fixes.
Use equity from your current mortgage to purchase a second investment.
A second mortgage works more like a line of credit than a secondary loan. Whether you own commercial property or residential property, this process works the same. The money in your loan comes from the equity you already have in your property. That means you’re borrowing against the equity your property has.
Second mortgage loans are not meant for small purchases or expenses. You should only consider this finance option when you have ample equity and you have a big purchase.
Interest rates on these types of loans are typically higher than a mortgage, but the team at Australian Lending Centre can help locate competitive, affordable rates within our range of banks and private lenders.
Please contact our team today to discuss the value we can add to your business.
When you’re starting a business and you have bad credit, it can make things a lot harder. We work with you to try and qualify you for a bad credit second mortgage. We look at other borrowing factors other than your credit file to try and get you the money you need to keep your business going.
If you need financial support, the friendly team at Australian Lending Centre can give you the information you need to see if one of our options will work for you. Contact us today by calling 1300 138 188 or Apply Now!