A closed-end second trust (or second mortgage) offers eligible homeowners the opportunity to access their real estate or home equity while maintaining their current low first trust interest rate. With this type of loan, homeowners can receive a lump sum payment of up to 85% of their home’s equity (CLTV), based on their credit score, income, and other factors. 

 

Benefits of a Second Trust:

Use your cash out for home renovations, consolidating debt, funding a business, paying a child’s tuition or simply cashing out some hard-earned home equity to position yourself for the next property acquisition for when the opportunity arises. Owner occupied properties, second homes, or investment properties are eligible. Investment properties have the option to close in a LLC as a Business Purpose Loan where eligible by state. 

 

Second Trust Features:

• Combined loan-to-values up to 85% for Rate/term or Cash-out Refinances. (90% CLTV option, see below)
• Loan amounts up to $500,000 with no first trust loan amount restrictions.
• Flexible credit.  Credit scores as low as 680.  Certain CLTV’s and documentation types may require a higher score.    Please inquire.
• Qualifying documentation:  
  • Full Documentation:  1 year’s W2 form or tax return.
  • Bank statement qualifying: 12 months business or personal bank statements for self-employed borrowers for a minimum of two years.
• Fixed Rates:  15, 20, or 25 year amortization.
• Owner occupied and second home loan second trusts are available in VA, MD, PA and FL.
• Investment business purpose second trust loans are available in 35 states.  Please inquire with your state and property type.
• 90% CLTV option to $500k - Full Doc primary residence - 20 year Fixed Rate full amortization. 

 

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