Short-Term, Second Mortgages and Caveat Loans

Sometimes you just can't wait for a bank to get around to approve your finance. Often a quick cash injection will sort out your short-term problems while you find a long-term solution.

Short term, 2nd Mortgage & Caveat loans all require Real estate security. They are a high risk loan as there are very few checks done on your credit history. About the only things you need to get one is some equity in a property and that you are not currently in Bankruptcy.

Second Chance Mortgage Solutions have a number of short-term lenders to choose from and in most cases can have the money in your bank account within 24 - 48 hours.

Short term loans are often more expensive than conventional loans, we always recommend that you have an exit strategy in place to pay out the short term loan as soon as possible.

Second Mortgages

Second mortgages fall into two categories: Short term loans or Long term loans.

Long term Second mortgages take a little longer to set up than short term loans as most 2nd mortgage lenders will require a valuation of some sort to be done. These loans are useful where you need some money but are not in a position to refinance the entire mortgage, such as if you needed the money for a year and didn't want to break a fixed rate on the first mortgage.

Generally, 2nd mortgages will go to a maximum of 85% of the value of the property, however this will depend on where the property is and what sort of property it is.