Short Term Caveat Loans

Finance Today has direct access to genuine private funders, syndicates and individual investors for super fast short term caveat/second mortgage loans.

Many of our investors won’t lend the money unless we approve/recommend the loan.

We specialise in this area of lending and have developed a very good relationship with our investors and funders as we have dealt with them over many years.

We understand that your situation is urgent and we will not waste your time or stuff you around. We can tell you immediately over the phone whether or not we can assist with your needs.

Many funders and brokers promise same day settlements but this is just not realistic and frankly is outright misleading.

Some settlements are genuinely fast but you must remember every situation is different and no matter who the lender there is a general process to follow.

Whilst short term caveat loans are an asset lend, the majority of funders/investors still require a short application be filled in, along with a copy of your most recent mortgage statements, identification and copy of your rates notice for the security property. A loan offer is generally issued the same day (usually within a few hours) and a valuation or real estate appraisal is then done and if satisfactory, solicitors are instructed to issue loan documents usually the same day or following working day which are to be signed by all borrowers, and often requires a solicitor to witness and the borrower obtaining independent legal advice.

This in itself usually means it is impractical and next to impossible to settle the same day or even within two days. Once documents have been returned and executed satisfactorily then settlement can be arranged and funds directly transferred into the borrowers nominated account.

On average short term loans generally take between 3 to 5 working days from the initial enquiry to settlement. We have seen many settle in 48 hours but much also depends on the speed with which the borrower is able to provide requested information and importantly how quickly you can return the loan offer and then the loan documentation.

An important factor to consider is that the shorter the settlement time frame usually the higher the costs as you are dealing with the lenders who charge higher rates and fees because they are taking on more risk. They do not require valuations and will go on a real estate appraisal only, which usually allows you to borrow more funds and eliminates delays associated with using valuers.

But as a guide these lenders typically charge a minimum 6% per month and up to as high as 10% per month with higher application and establishment fees. But the advantage is that they can settle very fast and can go off a real estate appraisal only.

We have other funders who can lend from as little as 1.5% to 5% per month, but will require valuations to be done so can take a little longer.

In terms of getting the exact amount of funds you require much depends on the location, value and type of security property, and the strength of your exit strategy (how you intend to repay the loan). No proof of income is required!

We understand that your situation is stressful and urgent and can tell you over the phone immediately whether or not we can assist and will not waste your time.

Call Finance Today on 1300 886 580 for a no obligation discussion on your requirements, e-mail us or make an appointment online.