What is a 2nd Mortgage over 12 months?
A 2nd mortgage is a commercial loan that is placed parallel to your present 1st mortgage. A 2nd mortgage is an optimal choice if you need access to additional resources and funding immediately, and you want the funds for a period longer than 12 months.
A 2nd mortgage can settle quickly, usually within 24 hours, which is preferential to waiting months to refinance through your bank or current lender. This type of loans is an attractive interest-only loan (as opposed to much larger payments with a Principal & Interest loan), however during the credit term, you simply pay the interest each month.
You can also pay out the 2nd mortgage loan at the end of the 12-month term (often by selling an asset or refinancing), or you can extend the loan without any additional fees. You just keep paying the interest every month.
Since it is a company loan, all interest and expenses can be deducted entirely and are tax deductible.