A second-position loan adds debt behind the first mortgage. Before comparing offers, check the first loan’s terms and what the new funds need to accomplish.
What needs review?
- The property and current value estimate.
- Existing loan balances, liens, and payoff details.
- The terms of the first mortgage and any consent requirements.
- The new funds requested and how both loans will be repaid.
How does it compare with a cash-out refinance?
A refinance replaces debt. A second loan adds another obligation. Compare net cash, combined payments, fees, due dates, and the total cost over the time you expect to hold the property.
Does the property’s use matter?
Owner-occupied requests need case-specific review. Contact Grand Funding before applying. Owner-occupied eligibility should not be assumed from a general product page.
What about timing?
Second-position requests close in 3–5 days. Close timeline: 3 to 5 business days. Ask what is needed for a same-day term sheet and which closing conditions apply to your deal.
Credit, income, experience, and documentation requirements are determined after review of the specific transaction.
Use the second-position product page or contact Logan with the address and current debt details.