What is a Short Term Property Loan?
A short term property loan is a type of financing that allows property owners to access funds quickly for a short period of time. This type of loan is typically used for urgent situations where a property owner needs cash quickly, such as for renovations or purchasing a new property before selling an existing one. Short term property loans are usually repaid within six to 12 months.
A short-term property loan is a type of loan designed to provide you with the funds you need to purchase or refinance a property for a shorter period, typically ranging from one to three years. These loans are often used by property investors or developers who need quick access to funds to take advantage of time-sensitive opportunities. Short-term property loans generally have higher interest rates than traditional long-term mortgages, but they offer greater flexibility and faster access to funds.
At Ownright Custom Finance, we understand that every borrower’s situation is unique. That’s why we offer a range of short-term property loans that can be customized to fit your specific needs. Whether you’re looking to finance a property purchase, a renovation project, or a development opportunity, we have the expertise to help you find the right solution.
Benefits of a Short Term Property Loan
Who can benefit from a Short Term Property Loan?
Short term property loans can be beneficial for a range of people, including property developers, investors, and homeowners who need quick access to funds. They can also be useful for those who have been turned down for traditional loans due to poor credit scores or lack of documentation.
How to Apply for a Short Term Property Loan
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Borrowers will need to provide documentation that supports their ability to repay the loan, such as proof of income and assets.
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They will also need to provide details about the property that they wish to use as security for the loan.
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Once the application has been approved, funds can be made available within a few days.
Great options and great rates
When you’ve tried with every other lender or bank and not been satisfied, that’s where we come in. We’ll create a tailored and customised solution for you!
Did you know that according to recent statistics, approximately 80% of small businesses in Australia take out business loans to help fund their growth and operational costs?
Risks of a Short Term Property Loan
While short term property loans can be beneficial, they also come with risks. One of the main risks is the higher interest rates that are typically associated with short term loans. This can make the cost of borrowing more expensive than traditional loans. Borrowers should also be aware of the risks associated with using their property as security for the loan.