Habito unveils ‘express’ mortgage cash advances

Alternative loans

Buy a property like a cash buyer.

Image source: Daniel Hegarty, CEO and Founder of Habito.

Broker and now lender Habito is expanding its range with Habito Go, a cash advance that can be secured in just 2 weeks to buy a property before a mortgage is fully approved.

Habito Go operates as a short-term express mortgage to allow customers to pick up a property faster than a traditional mortgage buyer, hoping to access the discounts that cash buyers usually get.

In return, Habito charges 1.95% of the property value and 0.5% of the loan value per month until the buyer’s mortgage is paid off.

“All of our research tells us that buying a home is fraught with uncertainty and a lack of control that most people simply don’t feel equipped for. And early buyers are probably having the hardest time,” said Daniel Hegarty, CEO and Founder of Habito.

“With Habito Go, we hope to alleviate this problem by arming buyers with the power of a cash offer for their dream home while giving sellers the assurance of a guaranteed sale achievable in a fraction of the time normally required to complete a purchase.”

Habito will conduct its own expedited appraisal investigation and legal work to loan buyers up to 85% of the property’s value from its own balance sheet.

The mortgage application process will continue through Habito, and the funds may or may not be secured in time for the exchange, but if not, the buyer can still top up with money from Habito .

Since buyers will essentially be making “cash” offers, Habito expects them to “save thousands” if they are able to negotiate a cash discount.

Habito also says the buyer may be able to complete a property in as little as 10 days.

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