LAZERSON: Business owners may be able to tap into their home’s equity through a “second-lien” loan, but at a higher interest rate.
ride out a possible recession
On top of all that, who wants to touch his or her existing super-low rate first mortgage? Refinancing for a sorely needed, short-term cash infusion is an expensive and painful option. You better need it badly because the rate is going to sting. Excluding settlement charges and loan origination points, second “trust deed” rates range from the high 8’s to nearly 13%.
“Business owners for this loan are driven by need,” said Jon Maddux, CEO and Co-Founder at Fund Loans. “They don’t want to give up equity in their business.”Full disclosure: my firm Mortgage Grader is a mortgage broker customer of Fund Loans. The Fund Loans second can be used to borrow from $250,000 to $1 million. You need a minimum 680 middle FICO score.
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