MANGO CREDIT & MANGO MORTGAGES
THE SIMPLE WAY TO OBTAIN SHORT TERM FUNDING
Mango Credit & Mango Mortgages are leading providers of bridging loans for personal use and business short term loans for commercial and / or investment purposes. Each funding solution is tailored to meet your specific objectives and circumstance.
Loan Type Summary
For those of us who love the detail. This section is for you.
Mango Credit’ & Mango Mortgages’ personal bridging loans and short term business loans are secured most often by a caveat (an unregistered second mortgage) behind an existing bank mortgage.
Here is a summary of what they are, and where we can help:
Caveat loans are also known as “unregistered second mortgages” or “equitable mortgages”.
A caveat loan allows you to obtain funding quickly with the use of an existing property that you are paying off as security. Caveat loans are very fast because they can be lodged instantly on title behind your existing mortgage with no consent required from your bank to do so. A Mango Credit or Mango Mortgages caveat loan can be a great short term solution if you need money in a hurry to do home renovations in preparation for sale or working capital for your business, regardless of credit history.
The upside of a caveat loan:
- Take advantage of time sensitive opportunities, funding usually within a few days from application
- The caveat releases immediately once you refinance, payback or at settlement of your property sale
- Opportunity cost (i.e. the cost of missing out on the opportunity is a lot more than the cost of the loan)
A second mortgage is a second lien, or secondary registered interest on a property, which uses the equity in your real estate as security for another or second loan (meaning you’ll have two mortgages on your home). Mango Credit and Mango Mortgages regularly provide second mortgages to borrowers who require funds reasonably quickly for a personal bridging loan or short term business loan. Second mortgages are not as fast as caveat loans because consent is generally required from your existing bank, depending on which state or territory, to register the additional mortgage on title.
The upside of a second mortgage:
- Cheaper than a caveat
- Higher LVR’s available than a caveat
- Enables the fast release of funds from your existing property for business or personal purposes
- Take advantage of time sensitive opportunities
- Opportunity cost (i.e. the cost of missing out on funding is more than the cost of the loan)
A first mortgage is a first registered interest by a lender or bank over real estate. This type of financial instrument generally has priority over all other liens or claims on a property in the event of default or sale, apart from land tax and some other exceptions. A Mango Credit or Mango Mortgages first registered mortgage can be a good option in the absence of being able to secure a loan from a traditional lender.
The upside of a first mortgage:
- Cheaper than a caveat or second mortgage loan
- Faster than a second mortgage
- Higher LVR’s available than a caveat or second mortgage
- Buy a residential or commercial property if you don’t meet a traditional lender’s requirements
- Get cash out of real estate that you already own by refinancing for personal or business purposes
Home equity loans
These facilities are also known as Home Equity Loans when an owner occupier’s principal place of residence is used as security. They are known as Equity Loans when any other type of real estate is used, other than your house.
The upside of a home equity loan:
- Obtain extra cash for expenses like:
- Business working capital
- Repay ATO debts, personal or business debt