If the bank won’t release the equity in your property, give us a try.

A second mortgage is a loan secured by your property, taken out in addition to your existing primary mortgage. It allows you to borrow against the equity you've built up in your property, without disturbing your current mortgage arrangements. In the event of a property sale, the first mortgagee (usually your bank) is repaid in full before we are paid.

Unsecured loans for businesses are expensive. Getting a business loan from your bank, secured by the house they’re already lending on, is surprisingly difficult. That’s when a second mortgage from us could be the solution you are looking for.

Businesses often use second mortgages for various purposes, including working capital, purchasing inventory, equipment upgrades, expansion plans, bridging cash flow gaps, or consolidating debts. It's a vital funding option when traditional bank avenues are exhausted.

We’d like to! Banks often have very strict lending criteria and are risk-averse, especially when it comes to higher LVRs. At Mayfair Finance, we specialise in providing solutions to businesses that have been declined by traditional lenders. We assess each application on its merits and are comfortable with a higher level of risk where the underlying security and business potential are strong.

Most banks and finance companies won’t go past a loan to value ratio of 80%. Put another way, they won’t let the total borrowing against your property go above 80% of it’s value. If your application and security are strong, we may go to 90%.

If your funding is urgent and you have all of the required information, we can give you a decision on your loan application within 24 hours (working days). A loan application submitted on a Friday might roll into the following Monday.

Loan terms are generally 6-12 months, with the opportunity to extend.

We will loan up to $500,000 so long as we believe you can service the loan.

Interest rates can vary, depending on your risk profile. Finance companies tend to cost more than a bank, but that’s because we are willing to take on a bit more risk than the banks. Banks say no because they are extremely risk averse, whereas we are willing to be more flexible and overlook some past transgressions. Remember the saying: high risk, high return.

The smaller the loan, the less time in business; but six months is the minimum. For loans over $200,000 you need to have been in business for over a year. For loans over $300,000 you need to have been in business for at least two years. To get the maximum loan of $500,000 you need to have been in business for at least five years.

Your loan repayments will happen monthly, by direct debit.

Usually, we do not charge fees for repaying your loan early. All fees, charges and penalties will be listed in your loan agreement and we recommend that you read it carefully and seek independent advice before signing it.

If you can provide good evidence of a future payment to your business that will facilitate repayment of the original loan, we can consider an interest-only loan. Terms for interest only are maximum of six months (with options to roll the loan later).

This depends on the size of the loan. Smaller loans may only need bank statements. Larger loans may need financial statements, and other supporting information, such as contracts, purchase orders. The more information you can provide that gives evidence of your ability to repay the loan, the more likely we are to approve your application. So sometimes it pays to give us more information.

All owners of a property that is being used for security on a business loan must sign some paperwork. This ensures that the security is correctly and legally recorded. It also ensures that the property is being used as security with their consent.

Yes, you can. All of the trustees will be asked to sign some paperwork. This ensures that the security is correctly and legally recorded. It also ensures that the property is being used as security with the trustees’ consent.

That’s great if you have a supportive relative or friend who will allow you to borrow against their property. They will need to sign some paperwork to provide their consent and to ensure everything is documented according to the law. We recommend that they seek independent advice about the arrangement.

We consider both commercial and residential property as security for a second mortgage business loan. This includes your business premises, investment properties, or even your primary residence, depending on your situation and the loan amount required. Rural and lifestyle blocks are unsuitable for borrowing against.

As with any loan secured against property, there are risks. If you fail to meet your repayment obligations, your property could be at risk. It's crucial to ensure you can comfortably manage the repayments. We encourage all applicants to seek independent financial and legal advice before committing to any loan agreement.

Unlike banks we don’t place much emphasis on traditional credit scores. We take a more holistic view, considering your property's equity, your business's cash flow, and overall viability. We are often able to assist businesses with less-than-perfect credit histories where there is strong underlying security and a clear repayment strategy.