Do you have financial problems like overdue tax, unpaid debts to family or a business, or many debts that you need to be consolidated?
Most of the loans required to pay for these debts are under $100,000 but in many cases, unsecured lenders will not approve them. This could be for a variety of reasons, including affordability, credit issues and the purpose of the loan.
Fortunately, that’s where non-bank lenders like iLender come in. We can provide loans for people with bad credit in the form of short-term second mortgages on your home.
Securing a Second Mortgage
Second mortgage lenders do not require the consent of the Bank to approve and lodge their mortgage. This gives you greater freedom, as many banks would refuse you for fear of losing their equity in your property.
The mortgage brokers at iLender provide our customers in Auckland with home loans that are tailored to help them clear or consolidate debts.
Sometimes all it takes for you to get back on top of things is taking care of one or two big obstacles. Our second mortgage loans for people with bad credit are perfect for this kind of short-term fix.
Some examples of recent problems we’ve helped to solve are:
Clearing back tax with the IRD
Bringing Body Corp dues up to date and paying for remedial works to property
Bridging the gap between the Bank and purchase price, in some cases creating a 100% mortgage
Responsible Non-Bank Lending
One important thing to consider for this type of loan is that they come with high-interest rates. This covers the inherent risk involved for the lender. For this reason, iLender works carefully with you to make sure that a second mortgage is right for you.