A private second mortgage (private 2nd mortgage) with the highest loan-to-value ceilings Lendmax offers. Flex 2nd sits behind an institutional, conventional or private first mortgage, takes the full credit spectrum including no established score, and is underwritten on equity and exit rather than income — which is why a power-of-sale or CRA-arrears file can land here.
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Yes. That is a defining feature of the Flex family and a common file — often where a borrower took private money quickly and now needs a further advance without disturbing the existing charge.
Income documents are not required at any tier. At the top of the range we look harder at the exit, the first mortgage's standing and the property's marketability, and an inspection may be required. Where verifiable income exists it strengthens the file even though it is not a condition.
Up to two business days from instruction, once the borrower has accepted. Instructions go to counsel within two hours of your client's acceptance.
Often, if there is enough equity and the file moves quickly. A Flex 2nd can bring the first mortgage current and pay the enforcement costs, which ends the proceeding; the term then buys time to refinance or sell in an orderly way. Speak to your broker the day you receive notice — timelines under a power of sale are short.
Up to 80% combined loan-to-value under Flex 2nd — your existing first plus the new second — subject to the market tier and property type. Condominiums carry a lower ceiling. It is the highest ceiling in the Lendmax suite.
