Business Purpose 2nd's

Business Purpose 2nd position loans are a unique opportunity for brokers and lenders to assist clients who need additional capital without refinancing their primary mortgage. These loans, placed in 2nd position, are ideal for business owners who have significant equity in their properties and needs funds for new equipment, additional opportunities, and growth. As one of the few lenders in Arizona that offer this loan, Versara Capital is able to help assist your clients in unique ways without disrupting their  primary mortgage.

Requirements:

• Minimum FICO score of 600

• Business purpose loans only

• Available in Arizona only

Business Purpose 2nd Position Loan

• Up to 60% CLTV (Combined Loan to Value)

• 16% interest rate

• Loan amounts up to $500,000

• Interest-only payments

• Fast closing process

• Flexible terms ranging from 3 to 12 months

Past Loan: A gym owner in Arizona needed capital to expand their business by adding new equipment and updating the facility. They had a significant amount of equity in their home, which had appreciated considerably over the last five years. Versara Capital provided a Business Purpose 2nd position loan at 60% CLTV, enabling them to access $60,000 without refinancing their primary mortgage. Using this they were able to grow and scale their business, paying off the loan a month earlier than planned. 

Past Loan #2: A salon owner in Arizona required funds to open a second location. With a home that had seen a substantial increase in value, they were able to leverage their equity through a Business Purpose 2nd position loan. Versara Capital provided $40,000 at 48% CLTV, allowing the owner to expand their business while keeping their primary mortgage untouched. With a second salon open, additional revenue streams were opened and the loan was closed out within the initial 10 months term. 

Contact us today to learn more about partnering with Versara Capital and how we can help you close more deals.