TIP OF THE DAY:
Has anyone ever spent the time to explain to you the ups and downs of Cross Collateralisation?
‘The act of using an asset that is currently being used as collateral for a loan is also used as collateral for a second loan. If the debtor was unable make either loan's scheduled repayments in time, the affected lender(s) can eventually force the liquidation of the asset and use the proceeds for repayment.’
If you’re looking for someone to help you through the maze of property and finance, contact Nick Kirlew Mortgage Broker on 0447 499 794.