Caveat Loans are fast settling loans which are structured just for a short term of 1 to 12 months. Unlike normal forms of finance, these loans need to be able to settle quickly…. generally within 72 hours from the time the application is first lodged.
The caveat loan allows you to immediately release valuable equity from your security property. Compared to bank loans, caveat loans are fast and easy approvals within 2 hours.
If you own a property in Australia and need fast approvals Prime Finance can help, we are the specialists in caveat loans Australia wide so stop wasting time from going from one lender to the next. We have caveat loans to suit all situations and circumstances.
What is a caveat?
A caveat is a document that can be lodged on the government records of ownership (Title) of the secured real estate. A caveat will stop all other dealings on that property. This prevents the sale of the property or acts as a warning to other lenders that the property has been used for security.
A caveat loan is a form of funding for a lender (Prime Finance) to secure against the value of your security property. The fundamental difference between second mortgage and a caveat loan is, a mortgage is registered on title as security, where as a caveat warns anyone dealing with the potential property that someone has priority interest.
Reasons for Lodging a Caveat
Caveat able interest can be a registered or equitable mortgage, transfer, a purchaser under an agreement for sale, registered proprietor or a business contractual right. you may consider lodging a caveat to protect your legal position. This is known as a caveatable interest. You must ensure that you have a genuine interest at the time you are lodging the caveat.
What are the typical uses for Short Term Caveat Loans?
- Business growth
- Working capital
- Purchase plant and equipment
- Bridging (business/residential)
Short term caveat loan
Short term caveat loans are no longer than a 12 month period or as short as one month.
Prime Finance caveat loan product guides
- Loans up to 1.5 million dollars
- LVR up to 80% of as is value (terms and conditions apply)
- The commercial loan rate is 1% per month
- Loan term is 1 month to 12 months
Prime Finance acceptable caveat loan securities
- Residential properties in metropolitan areas
- Rural / Residential properties (population over 50,000)
- Commercial properties
- Industrial properties
- Vacant Land (in metropolitan areas only, LVR up to 75%)
Development sites (subject to terms and conditions)
100 points of ID Requirements for Prime Finance Application
|Document Type||Point Value|
|Australian Student Photo ID Card issued by a tertiary education institution.||40|
|Pension or concession card||40|
|Name and address confirmed by current employer (within last 2 years)||35|
|Public Utilities record ( 1 only)||25|
|Financial Institution passbook, debit or credit card (1 only)||25|