Easy Doc Second Mortgage Loans

An easy doc second loan is a popular loan product we offer. This Easy Doc Second Mortgage Loan can require a bank statement or you can choose no bank statements at all. The Easy Doc Second Mortgage Loan maximum cumulative loan to value CLTV is 70% to 75%. A borrower’s fico is looked at a little but this type of loan is mostly based on equity. The easy doc second loan can be for used for business purpose on owner occupied homes. That is correct – yes you can have an easy doc second home loan on an owner occupied home, but it must be for business purpose. Additionally this loan can be for commercial and investment properties as well.

Second mortgages are sometimes required by borrowers when they require additional funds that their existing lender is unwilling to provide. Alternatively there are times when the existing mortgage is secured at a competitive rate and the borrower needs additional funds for business purposes and a second mortgage is a cheaper option than refinancing the entire facility. Second mortgages can be structured to assist investors to acquire properties for either investment purposes or where “value-add” opportunities are available. Lightspeed Finance can offer second mortgages up to 75% LVR with very competitive pricing.

SISA loans usually fall into the Alt-A classification, and will carry a higher interest rate than a prime mortgage. Self-employed borrowers often use SISA loans because their tax returns might not reflect that actual cash flow they have available to pay their mortgage. Other borrowers might use a SISA loan because their income comes from sources which are hard to document (such as tips in the food service industry). We can also offer loans in 3rd position. Just ask us.

To find out more see our “Hot Loan Products” for rates and guidelines.