Jaquline purchased a property valued at $280,000. In order to finance this property, she opted for a first mortgage loan. She placed a $60,000 deposit and chose to finance the remaining $220,000 with a first mortgage. Soon after, it came to her attention that she needed to repair damages in the house and borrowed $45,000 by way of the second mortgage.
However, Jacquline was then hit with financial struggles, and became unable to repay the loan. The first mortgage lender chose to foreclose on the mortgage and sold the property, which fetched only $230,000. The first mortgage lender has primary rights of the property, he will therefore receive $220,000 and only once he has been satisfied, will the remaining $10,000 be paid to the second mortgage holder. As the sale of the property did not bring enough proceeds to pay both the lenders in full, second mortgage holder will not receive the full claim.
Here at Maxiron Capital we place upmost pride in ourselves to deliver one of the best first mortgage loans in Australia. Our first mortgage services have no hidden costs, and with rates as low as 2%, our first mortgage loans are competitive and favourable to you and your business.
What makes our first mortgage loan stand out include:
Our First Mortgage loans are tailored to businesses of all sizes, regardless of whether it's a start-up or established business. The loan allows for almost immediate cash flow relief which is essential in ensuring the sustainability of business operations.
What makes Maxiron Capital stand out, is that our funding solutions have all been made with having you and your business as the main focus in mind. We provide simple and fast loan application, in which can be completed in just 5 minutes, and the funds can be delivered in just one day! To ensure that you don't end up straining to repay the first mortgage loan, we have designed our loans to have a flexible repayment process.
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Simply have a property that has sufficient equity which has not yet been mortgaged elsewhere, registered in the name of the business owner(s).
At Maxiron Capital, we aspire to attend all our customers equally and fairly. We have thus established easy-to-be-eligible funding criteria for our customers wishing to obtain funding from us. However, to further improve your chances, prepare for your first mortgage by having your identification documents organized and ready to go. Also ensure your credit situation is appropriate, however, it does not have to be perfect - we are bad credit accepting!
The mortgage amount you are eligible will be dependent on the equity value of the property you choose to secure against the mortgage. A property with higher equity value will allow you to qualify for higher mortgage amount.
Here at Maxiron Capital, we operate under the basis that all customers should be equally attended, no matter the size of the business. Thus, we have made our business funding eligibility criteria very easy for our customers. Fill out the application form now, and get a pre-approval decision instantly, so you can start getting funding with us today!