Two small second mortgages built for speed rather than size: up to $50,000 and up to $75,000, quoted as one all-in price that already contains the lender fee, the legal cost and the broker fee. Open with no prepayment penalty, no income documents, and funded in 48 hours.
The lender fee, the lawyer and your compensation are inside the quoted price. Your borrower sees one number and so do you.
No prepayment penalty. If the borrower's refinance lands in month three, they leave in month three.
Built to fund in two days. Send it complete and it moves; send it partial and it waits, like everything else.
Tier A runs to 75% loan-to-value on a six-month term. Tier B goes to 85% loan-to-value with a six to twelve month term. Both are open. Which tier a file lands in depends on the property, the market and the credit band.
It means the lender-side legal cost of preparing and registering the charge is inside the all-in price rather than billed separately at closing. Independent legal advice for the borrower, where required, is a separate matter and is disclosed on the commitment.
No — the quick-close series sits in the Prime family, so it needs an institutional or conventional first and no private money already registered. Where there is private money on title, look at Flex 2nd.
