Low-Interest Rate and Flexible First Mortgage Loans
A first mortgage loan is one of the most primary funding options available where it is secured against a property. It is a promissory note signed by the borrower as a guarantee that he/she will repay the loan amount according to the various terms mentioned in the paper. The borrower also has to sign the mortgage deed for the lender to access the liens on the asset or property. If the business owner fails to return the fund amount according to the terms mentioned in the agreement, the lender will recover the remaining amount by selling off the mortgaged property.
Whenever the borrower fails to pay the default amount, the 1st mortgage lender will have primary and authority rights over the asset. The borrower includes full rights for retrieving the payment before any lenders get paid by the same property for a second mortgage. From the lender perspective, a first mortgage implicates minimum risks compared to another form of a mortgage.
Primary Differences between First and Second Mortgages
The primary factors that distinguish the first and second mortgages are as follows.
- In the first mortgage process, there is an agreement between the lender and borrower, indicating the lien on the asset by the lender, which also acts as a security. In second mortgages, a fund gets secured by the borrower on the property that has already been mortgaged once.
- First mortgagees usually help the borrowers with various property purchases. Through second mortgages, people use a property for refinancing options and use it for other business purposes.
- If there is a default in the payment, the first mortgage holder will include all the chief rights of the secured asset over the second mortgage one. In the second mortgage default in the payment, the lender has all the rights over the secured assets next after the first mortgage lender.
The benefit of 1st mortgage Loans
First mortgage loans are beneficial to the borrower from various perspectives. Interest rates in first mortgage funding are much lower in comparison to unsecured loans. All the interest rates of these loans are tax-deductible, and you will get a discount on your income tax as well.
Why Get First mortgage loans from Tholons Capital?
At Instant business finance, we take pride ourselves in delivering the best service for the 1st mortgage loans all over the continent. All our services include no hidden costs and offer the lowest short term interest rate, which is from 2%. All our loan solutions are favorable and competitive according to the client’s business. Now let us take a look at why to get the first mortgage loans from Tholons Capital.
- Loan amount starting from $500,000 to $15,000,000
- The fast and hassle-free application process
- You will get up to 1 year to repay the loan, including the option of an the extension period.
- Flexible payment term and schedules, customized according to the client facilities
- Interest rates starting from as low as 2%
- Can ask for a loan amount of up to 75% of the LVR
- Available to any business owners interested in taking 1st mortgage in Canada
- You can also pay back early and save on interest
Our loans for 1st mortgages are tailor-made for all business owners of all sizes-be it a new entrepreneur or established businessman. The funds provide instant relief to the borrower through the required cash flow, which is significant in ensuring the sustainability of the business procedures.
Tholons Capital stands out from its competitors as our financial solutions are delivered, thinking about the business owners and their necessities that might arise in the middle of running a successful or a new business. We offer easy and swift approval of the 1st mortgage applications, which you can complete in less than 3 minutes. We promise to deliver the funds to your business or personal account within 48 hours of submitting the loan form. To ensure that you do not have to put additional stress and tension on your shoulder to repay the first mortgage loan, we have also included a flexible solution for all your needs.
So what are you waiting for? All you need is a property to keep as security with enough equity and is not currently mortgages somewhere else. The asset also requires to be registered in the business owner’s name to keep it as collateral. Get pre-approved first mortgage loans with 24* 7-hour support with no obligation or strain!