2nd Mortgages
Business Capital in 24 hours.
Turn the equity in your property into CASH in 24 hours, with a fast 2nd Mortgage Loan.
No Payments For Up To 6 Months
You can take an Equity Tap 2nd Mortgage loan from 1 month through to 12 months. Best of all we can prepay the interest during the first 6 months.
- No valuations or financials
- Loans up to 12 months
- Funding from $50k up to $5m
- LVR up to 75%
- 1 Hour Approval
- 24 Hour Settlement
- No Repayments Until Maturity^
- Repay Early or Extend The Loan FEE FREE
- No Hidden Fees or Charges
Simple Online Process
It's quick, easy and secure. All designed to get you
- 2-minute application
- 1 Business hour approvals
- No financials or valuations required
- Australian customer service team
- Tax debts and poor credit score Ok
When Do You Need A 2nd Mortgage?
When you have an unexpected business opportunity & you need funds to seize the day.
When you need to settle on a property but your require additional funds to complete settlement.
When you're selling real estate, but you urgently need the proceeds of the sale right NOW.
When your bank loan approval is taking too long, and you need the funds by tomorrow!
Unlock Equity With A 2nd Mortgage Loan From Equity Tap
2nd mortgage loans are defined as lien on a property, which is a subordinate of the first mortgage or any other loan. It means the second mortgage loan is high risk for the 2nd mortgage lenders, thus available at higher interest rates than the first mortgages. In this scenario, the 2nd mortgage lender will evaluate the equity available in your security, which is the total market value of your real estate security, minus the current 1st mortgage loan amount. You can increase or decrease the amount with with to borrow, provided it all fits within the Loan-to-valuation limit of 75%. Our business loans are generally used for a shorter period of one month through to one year.
The interest rates of a second mortgage are similar to unsecured business loans, personal loans or credit card loans. Second mortgages carry a greater risk for the lender as the first mortgage lender will have priority over the security, and the 2nd mortgage lender will be secured by the remaining equity. To get approval for a second mortgage loan, the LVR (loan-to-value ratio) must not exceed 75% for residential security and 70% for commercial and vacant land.
The Short-Term 12-Month 2nd Mortgages
This type of the second mortgage comes with a repayment period of one to 12 months. We settle second mortgage loans the same day as you sign your loan contracts, thus delivering superfast settlement. It allows you to get the required funding at the lowest interest rates for 2nd mortgage positions. We also assist business owners in refinancing their second mortgage funding with our flexible and lower-interest financial solution.
Why Should You Apply For a Second Mortgage Loan?
Most people who seek additional funds for an emergency purpose consider borrowing more from their current lender. But there can be situations where it becomes impossible. In these cases, commercial 2nd mortgage loans by Equity Tap are the best alternative to explore. Business owners use the funds from the second mortgage loan to boost the working capital or boost business cash flow. Our 2nd Mortgage business loan can really be used for any business or commercial investment purpose.
Equity Tap also provides business bridging loans, which are very similar in most aspects to a private 2nd mortgage loan. For instance, if you have a fixed-rate loan with lower interest rates, it is not worth refinancing and exit fees, not to mention all the delays that come with it. In this case, private 2nd mortgages act as the best short-term funding solution. Fast 2nd mortgages also provide rapid funds while selling one property and purchasing another, but the settlement timing does not match up. It bridges the gap during the buying and selling process. (commercial prpoerty or company borrowers only)
You can also consider interest-only 2nd mortgage loans for the following purposes.
- Buying an investment or development property
- Consolidating business debts, other business loans, tax debt, etc
- Undertaking home renovations to increase your home value
Equity Tap accepts the following securities for the 2nd mortgage loans for bad credit.
- Residential assets in metropolitan and regional areas
- Residential and rural properties
- Industrial or commercial properties
- Vacant land in metropolitan and regional areas
- Development sites (terms and conditions apply)
Documents Necessary For Commercial 2nd Mortgage Loans
To get approval for fast 2nd mortgages, you should submit the following documents.
- Drivers License
- Address and photo ID proof of the borrower
- Current council rate notice
- Current mortgage statement (if we will be secured behind an existing 1st mortgage)
Besides these, as a reputable 2nd mortgage lender in Australia, Equity Tap we aim to help every business owner. Unlike a lot of business lenders, we even fund borrowers with low credit scores.
How To Apply For A Second Mortgage Loan in Equity Tap?
We offer flexible commercial and self-employed 2nd mortgages with fast approvals. Equity Tap understands every borrower’s problem or need is different, which is why we will also approve 2nd mortgage loans with bad credit rating. You have to submit your application online. Upon receiving the application, our financial specialists will contact you and discuss the interest rates, loan structure, required documents and the funding process.
Our credit team will then check the application and verify the documents. Once they have echecked and verified everything, you can access the funds from your business bank account.
Whenever you need funds ASAP and cannot refinance or extend your current mortgage, a private 2nd mortgage with Equity Tap is the best solution.
So apply now to tap into your real estate equity.
How to be Eligible
All types of business owners can Equity Tap!
- Sole Traders
- Partnerships
- Companies
- Property Purchases (for company or commercial borrowers)
- Have sufficient equity in real estate
- Have a company or ABN
- Be an Australian Citizen or Permanent resident over the age of 18
- Be borrowing against a property in Australia or New Zealand
- Have a government photo ID, such as a passport or drivers licence
We lend in most metro and non-metro postcodes in every state and territory in Australia.. However we can’t lend in some remote areas, on huge acreages, on workings farms, or where the population or recent property sales are very low.
- A rates notice for each property
- Photo ID for each person on title
- A recent Mortgage Statement
- A certified copy of the Trust Deed
- A copy of the Contract of Sale
- Evidence of paid deposit
- Evidence of remaining funds to complete purchase
- If residential, property must be purchased in a company name
Equity Tap Loan fees
- From 1.99% pm
- Interest is Pre-Paid for up to 3 months, so you don’t have to pay a cent during the first 3 months of the loan term
- This fee starts from $2,500, and is calculated as a percentage of the total loan amount + standard legal costs.
- These costs are capitalised into the loan, so you don’t need to pay them up front.
NIL – because we do not do valuations. Ever!
All included in the legal fees.
Complete our online application to find out what fees may apply to your unique scenario.
Don’t worry – it doesn’t cost anything to apply, and we do not do a credit check on application.
Our team are here to help you
Weekdays 9.00am – 5.30pm AEDT
1300 123 024
Our Customer Service Team are here to help. Simply APPLY ONLINE and we will immediately commence work on your loan.