Use the equity in your property to help your business
If your business needs an injection of capital, using the equity in your property may be a viable option even if you have an existing mortgage. Getting approved for a business loan can be a lengthy process and will generally have a significantly higher interest rate than your existing loan.
This is where a second mortgage loan can work wonders. Using equity that you already have in your property you can draw upon additional funds which can in turn be used for your business. Most importantly, the money will be borrowed at a rate comparable to that of your home loan rather than paying a premium rate for an alternate loan.
A second mortgage is a loan secured by a property in addition to the primary mortgage. Depending on the value of the property and existing mortgage, you can obtain finance based on any available equity in the property.
Essentially, second mortgages are more like a line of credit than a secondary loan. The finance will essentially be obtained from the existing equity in your residential or commercial property. If you have a significant amount of equity in your property and are comfortable with your current mortgage commitments, a second mortgage loan can help improve your business.
The thought of using the equity in one’s home to help their business can be overwhelming. With an understanding of the reasons and benefits, it does not have to be.
We’ll assess your application fast and get you an answer (and the funds you need) quickly. Simply select the amount you're looking to borrow, click on the button below and fill out the form. Our friendly team will respond to your enquiry as soon as possible.
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