Caveat Loans | Second Mortgages | Commercial Loans | Short Term Money | Bridging Finance
  Caveat Loans, Second Mortgages & Short Term Money Specialists
   
    Caveat Finance Loans | Second Mortgages, Fast Cash Loans, Bridging Finance
 
 
 
 
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1300 737 426

Members of the Australian Short Term Lenders Association (ASTLA)

 
 

Common Questions about Caveat Loans and Second Mortgages

What’s the main requirement for Caveat & Second Mortgage loans?
All caveat and second mortgage loans rely on the ‘exit strategy’, this means, how are you paying back the debt? As long as this is strong, for example; If you have sold a property and can clear the debt from that, then you have a very strong exit strategy. Or you may have a big invoice coming due and need cash flow till then.

How long do these types of loans take?
Normally 2- 5 business days. Sometimes if they are extremely urgent they can be done the same day.

What sort of documents do the lenders want?
Normally caveat and second mortgage loans will lend around 70-80% of the properties value. The majority of the time a valuation won't even be needed, nor is income proof. The loans rely on the ‘exit strategy’.

For what purpose can I use the money?
Any and all worthwhile business or non-residential investment purpose.

What type of properties can be used for the Caveat or Second Mortgages?
Either residential properties or commercial properties. All real estate within Australia will be considered.

What sort of loan terms are available?
Some Second Mortgages will go for 12 months. Most Caveat and urgent Second Mortgages attract 1 – 6 months terms.

What if I have bad credit or don’t have any current financials?
Caveat Finance has such a large array of products that this is usually not a problem, once again it depends on the ‘exit strategy’.




Commonly used terminology within the mortgage market



LVR - Loan to valuation ratio - How much will the lender lend against your properties value on a percentage basis

Accountants Letter - Refer to a letter from your accountant confirming your ability to afford the loan in some way, most lenders have slight variations to a standard form

Bad Credit - Refers to an individual or entity that has a poor Credit Report or has difficulty repaying debt in the past

Caveat - Caveat is a form of encumbrance on title

CRAA - Refers to your Credit Report/Credit File

Default - Non performance on a loan, you will be in 'default'

Default/Judgement - Past non payment issues have resulted in a creditor listing a Default or Judgement on your Credit File

Exit/Exit Strategy - How will you pay back the loan

Low Doc - For the self employed who cannot prove sufficient income on their current tax returns for an array of reasons may choose a low doc loan

Mortgage - The most common form of encumbrance on title

NCCPA 2009 - National Consumer Credit Protection Act 2009, regulated by ASIC came into law in July 2010 and governs all Consumer 'Regulated' loans

Non Regulated - Refers to a loan not regulated or 'caught' under the NCCPA 2009

PA - Per Annum - applies to interest calculated at a annual rate as apposed to monthly

PCM - Per Calender Month - applies to interest calculated at a monthly rate as apposed to annually

Private Loan/Lender - Smaller lending groups, using individual/private investors/debt funders to lender money to borrowers, usually with a solicitor involved to do the legal work

Second Mortgage - Subsequent to the first mortgage, literally on the properties title

Security - Referring to the property the lender will be able to secure for their debt be-it a house, car, boat etc

Valuation - A certified valuation company undertakes a valuation of your property to determine a fair market value

Settlement - When the loan finalises and the money is distributed from the lender




Caveat Finance may have the solution to solve your financial problem. Give us a call or email us your enquiry now! Why wait? Your problem may be one phone call away from being solved!


Caveat Finance - 1300 737 426!!

 
 
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