Obtaining a second mortgage on any property is sometimes considered a drastic step, but it really isn’t. It can be a challenge to secure any mortgage from a traditional lender or bank, but a second mortgage comes with some additional risk, in part because the lender’s claim to the property, as the name suggests, is secondary to the first mortgage on the property.
As a result, the lender’s security with a second mortgage is somewhat less than that with a first mortgage, but the advantages of such a loan still remain, for both the mortgage lender and the borrower.
At ASCEND MIC, we appreciate the value that comes with a commercial second mortgage, and will work with commercial borrowers to achieve a financial solutions that work best — each and every time.
There are many reasons why a commercial second mortgage is the right financing solution for a business entity. Sometimes the terms of the first mortgage are such that breaking them comes with penalties and fees. Sometimes extra financing is needed for a variety of reasons: an unexpected need for cash, unforeseen project costs, the need for debt consolidation, etc.
One of the many advantages of a commercial second mortgage, however, lies in the fact that the property already has a first mortgage, which means that many of the processes needed to approve a mortgage, such as appraisal and other regulatory obligations, have already been done once.
At ASCEND MIC, we’re experts at following up on these mortgage-approval processes so that the desire for commercial second mortgage financing becomes a reality. You obtain that much needed and reliable source of new funds, while we benefit from our new financial partnership — all backed by the value of the commercial property itself. As with so many aspects of doing business here at ASCEND MIC, it really is a win-win situation for all.
To find out more about the commercial second mortgage opportunities available to you, contact us today. We look forward to it.