Can you explain property equity?May 28, 2020
What are the uses for second mortgage finance?May 28, 2020
Private mortgage finance can be an effective method for obtaining fast business funds. At the same time, traditional lending can be a hindrance because of their tight policy guidelines. As such, private lender policies are more flexible than conventional loans.
However, 2nd mortgage loans need to be practicable for the businesses requirement and purpose. Therefore, you would have an excellent chance of approval if:
- Firstly, you have good equity in your property.
- Secondly, your property is acceptable for the lender.
- Thirdly, you will need an exit strategy and how you will be paying the loan back.
- Finally, the purpose of funds is for business use.