At Blue Key Finance, we can facilitate the settlement of a 2nd registered mortgage or caveat loan within as little as 48 hours.
So why would you need a caveat loan or a 2nd registered mortgage?
When your current bank or any of our other standard residential lenders cannot help we can facilitate this type of finance for you via two of our direct accreditations with specialised lenders. Given this fact, typical scenarios where such finance would be required are for bridging finance, business cash flow, paying an urgent debt, renovating before you sell, or for a shortfall in construction.
Secondly, assuming the asset being used as security is appropriate, and an acceptable exit strategy has been formulated, we will advise on your borrowing options along with an indication of the applicable competitive interest rate and charges.
Upon successful application for your caveat loan, you will be issued with a formal loan offer. Once your accepted offer is received, we will arranage for the execution of the loan contracts and the appropriate lender will then lodge the registered caveat over your property.
Features
-
Registered first mortgage or a second mortgage to be held
-
Maximum combined LVR (loan to value ratio) of 75% or 80%
-
Loan amounts from $50,000 to $10,000,000
-
Terms: up to 6 months only
-
Interest rates: From 3 - 6% per month
-
Interest Type: Fixed, interest only
-
Interest Payment: Deducted and capitalised from loan amount at settlement
-
Establishment Fees: 1% - 5%, depending on loan amount and exit strategy
-
Exit Strategy: Refinance, Sale of property, Sale of other assets, or cash flow.
Things you need to know
- All caveat and second mortgage loans rely mainly on your 'EXIT STRATEGY'. This means you need to be able to show us how you plan to pay the loan back within a period of no more than 6 months.
- Loan proceeds cannot be paid into a third party account
- You will have to have an exit strategy that can be verified
- This type of loan cannot be set up behind a current 2nd mortgage or caveat
- All people on title must sign loan contracts
- If a property is cross collateralised, all properties that are crossed must be taken as security