With a Second Trust Deed, a borrower is using a second mortgage or home equity loan as collateral when looking for funding. With a 2nd trust deed, you agree there is some other trust deed that’s already using the property for collateral. The first trust deed will often be the first in line when looking at available security instruments. Since the deed of trust secures indebtedness to the property, whoever is first in line will get whatever is available. That means you need to know what you’re doing when looking for a company to help you with the Second Deed of Trust. Most Texans who come to us with a need for this service know what they’re looking for in terms of a competent and knowledgeable financial company. But they don’t know the ins and outs of what an underwriter is looking for when they go to approve a second trust deed loan. Most applicants will favor this type of private money financing over other most common methods like a high interest credit card advance or another similar unsecured loan.
Apply For A Second Trust Deed With Texas Hard Money Pros
While these loans are second in line when it comes to your property they are viewed as being less risky than something that’s not secured to real estate. The drawback with a hard money second trust is that you can lose your home if you fall behind on monthly payments. Much like a traditional mortgage loan, the private money loan is still tied to your property. The first mortgage deed holder will get paid first, but you can bet that whoever is next in line will go after your secured holdings. That’s why we can’t stress enough how important it is to work with a private money lending company that knows what it takes to get approved. Search for a firm that will tell you straight up if this is the best financing program for you. If you’re not right for a second trust deed that’s no problem. We’ll explain exactly why it’s not a fit and give you other traditional and hard money options that make sense for someone in Texas.
Funding Options For Second Trust Deeds
At Texas Hard Money Pros, we offer a wide array of options for Texas hard money loans. This includes programs for those looking for the second deed of trust loans. As with our other loan types we consider all borrowers regardless of their credit history, debt coverage percentage and current cash reserve. If your lending request fits within our limits, we’ll get you a document showing interest to lend and hopefully a loan approval once everything checks out. Our second trust loans are underwritten on a case by case basis, but we hope to provide you with an LTV of up to 50%.