Alternative financing solution
A 2nd mortgage loan offers business owners quick access to additional funding by leveraging property equity. It’s an extra financial interest on the property, separate from the existing home loan. Ideal for securing a sizable loan swiftly when traditional commercial loans are out of reach.
Financial Not Required
Home Loan Not Affected
All Industry Welcome
Why choose 2nd mortgage?
Many mistakenly believe refinancing the home loan is the better choice due to its low cost. However, for business owners, this may not be suitable.
Here’s why:
• Insufficient trade history.
• Limited profit to demonstrate serviceability.
• Incomplete or unavailability of business financials.
• Lengthy turnaround time.
• Personal debt lacks business tax deduction.
Business owners should seek accountant advice before seeking funding solutions. Contact our Business Managers today to learn how FundSpot can assist your business.
Second Mortgage Loans- Fact Sheet
| Best suitable For |
|
|---|---|
| Settlement Time* | 3 days to 7 business days |
| Loan Term | Up to 36 months with Extension Option |
| Repayment structure | • Interest Only Repayment |
| Loan Amount | $50,000 - $300,000 |
| Asset Eligibility Criteria | Real Estate Property with LVR under 75% |
| Dedicated Business Manager | Yes |
| Interest Rate | Subject to your business presented scenario |
*Turnaround time is indicative only and after signed loan contract is received. Fund transfer is subject to fund availability and settlement condition satisfied.
Not Sure Which Loan?
Not sure which loan product and features are best for you? Use our comparison
table. Otherwise, reach out to us.
We’re happy to help!
FAQs about Second Mortgage
2nd mortgage loan allows the business owner to gain direct access to the property equity, which means the approval amount can be significantly higher than caveat loan. To find out more about caveat loans, check this caveat loan out.
It is free to receive a proposal from FundSpot. There are no charges until you are happy with the proposal. Talk to us today to find out how much you are eligible for.
Standard property valuation can be exempt in some situation, speak to us today to see if you qualify.
We understand even as a property owner, you may not able have a full insight of the property market. If in the unfortunate event where the valuation return to be lower than expected, the approval amount will simply be adjusted. At FundSpot, we always try to provide funding to help businesses no matter how small the help may be.
In some situation, a valuation report ordered by the property owner may be accepted. Send a copy to Applications@FundSpot.com.au or to your Business Manager and find out if it can be approved.
In some situation, an appraisal report can be accepted as a reference to the local property market and standard property valuation may not be needed. Send a copy to Applications@FundSpot.com.au or to your Business Manager and find out if it qualifies.