Second Mortgages Can Improve Your Business
A second mortgage loan is taken out for a variety of reasons. These can include:
Debt consolidation – using equity in your home to pay down credit card debts.
Business improvements and renovations – making additions, remodelling or just making necessary fixes.
Purchasing another business – using equity from your current mortgage to purchase a second investment.
Borrow From Equity in your Property
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 a second mortgage solution 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.
Bad Credit Gets A Friendly Response
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 a second mortgage, 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!
Pros and Cons of a Second Mortgage
The pros of a second mortgage can include: loan amount (borrowing a larger loan amount against the the security of your home), interest rates (most second mortgages have lower interest rates that other loans), tax benefits (with the help of your tax preparer, you may get a deduction for interest paid on a second mortgage), and more.
The cons of a second mortgage can include: risk of foreclosure (if you stop making payments), cost associated with obtaining a second mortgage like credit checks, appraisals, origination fees, etc, interest cost if it’s higher than your first mortgage loan, and more.
Get Started with a 2nd Mortgage
Let the financial experts at Australian Lending Centre help you get started on your second mortgage. Even if you have poor credit or bad credit, our loans team will work with you to see if we can qualify you.
Don’t let a rejection from a bank stop you from thinking you can qualify for a second mortgage. See the difference an expert in the lending industry makes, call us today at 1300 138 188 or Apply Now!