2nd & 3rd Mortgages
Second mortgages are great for business owners and property investors who can use equity from their property to get cash out without having to refinance their first mortgage.
Who Are 2nd Mortgages Best For?
Second mortgages can be used for renovating investment properties, buying more properties, adding an additional detached unit (ADU) to 1 of your properties, starting a business, or expanding your business.
How Do 2nd Mortgages Work?
Our second mortgages are backed by a boutique or private lenders. Our second mortgage can can have a loan term from 12 months to 3 years. They are a lump sum payment and would not be a home equity line of credit (HELOC).
What Are The Qualifications For A 2nd Mortgage
To qualify for a second mortgage, you'll need:
- A Minimum FICO score of 500.
- A business or investment property.
- No Income documentation like tax returns and paystubs.
About Our 2nd Mortgages
- You can get cash out fast.
- Bad Credit Allowed (Low Scores, Bankruptcy, Foreclosure)
- You can pull cash out from your property for your new or established business.
- AirBnB's, Rental Properties, Commercial Properties - Eligible.
2nd Mortgage Property Requirements
- The loan can't exceed 65% of the value of the property
- The property must be an Investment Property or a Primary Residence can be used if the loan is for a business.
- Eligible property types include: Condos, Townhomes, Single Family Homes, Apartments, and Commercial Buildings