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