A second mortgage loan offers business owners quick access to additional funding by leveraging property equity. It’s an extra financial interest on the property, separate from the existing home loan. Ideal for securing a sizable loan swiftly when traditional commercial loans are out of reach.
*Time frame refers to business hour, subject to scenario simplicity and borrower’s availability to respond.
Many mistakenly believe refinancing the home loan is the better choice due to its low cost. However, for business owners, this may not be suitable.
Here’s why:
• Insufficient trade history.
• Limited profit to demonstrate serviceability.
• Incomplete or unavailability of business financials.
• Lengthy turnaround time.
• Personal debt lacks business tax deduction.
Business owners should seek accountant advice before seeking funding solutions. Contact our Business Managers today to learn how FundSpot can assist your business.
*Pre-Approval time applicable during office hour only and is subject to relevant document recipients and applicants availability for communication.
**Turnaround time is indicative only after signed loan contract is received. Fund transfer is subject to fund availability and settlement conditions satisfied.
Complete our obligation-free application today, and expect a call from your Business Manager shortly
Provide some basic documents for the most suitable finance option.
Same-day fund transfer upon contract settlement
Not sure which loan product and features are best for you? Use our comparison table. Otherwise, reach out to us. We’re happy to help!
