Simply Mortgages

We Can Do A Second Mortgage

We have a few million $NZ for second mortgage placement.

Lenders are currently quite sensitive to high first mortgage amounts and priority figures and so Caveat seconds are starting to re appear as they did many years ago.

These are great options for people who have a deal that needs to be done and only need the lending for 12 to 24 months.

All deals on a case by case basis.

Product: Interest Only.

Term: 12 to 24 months.

Security: Residential Property.

Rate: 14% to 17%

Lvrs: under 75%

Max Amount: $100,000.

Right to pay down: Some lenders will allow principal payments.

This option is certainly worth a try and is very competitive with other available options out there at the moment.

Asset Lending Advances

This is a great option for people with lots of equity but you don’t meet the income requirements of the major lenders for what ever reason.

Security is via a First Mortgage and interest rates are from 8.75%

Security that can be used can range from Residential Real Estate to Farms to Commercial Real Estate.

Give us a try.

Over the past year I have been discussing the decline of the Non-Bank sector and what it means to borrowers.

O have always been outspoken about the fact that there is not enough competition in the NZ market as it was.

The non-bank sector was active in product innovation, competitive pricing and providing real choices.

It also allowed those with more than one property to be able to diversify their funding sources. If you had say, six rental properties you could have six individual funders.

This is no longer the case – borrowers are now dependent on a small number of bank funders, which does not allow them to truly diversify their borrowing sources.

The biggest area that the non-bank lenders really helped though was in the area where the banks are too harsh when it comes to lending criteria. The non-bank lenders provided options to people who had been declined by the big banks.

We Have Funds to Lend

The finance company sector has been considerable reduced over the past 24 months but we still have lenders who can help.

Our funders are happy to look at bridging and short term first mortgage residential proposals and they will go up to a loan to valuation ratio of 70%.

They are also still looking at “Lo Doc” proposals.

So if you have been knocked back by the big banks why not drop us a line and let us see what we can do.