Short answer: A caveat loan is usually faster, often funded within 24 hours, because it doesn't need your first lender's consent. A second mortgage is a registered security that can suit larger amounts and longer terms at sharper pricing. For urgent, short-term needs choose a caveat; for bigger, longer needs choose a second mortgage.
Side-by-side comparison
| Feature | Caveat loan | Second mortgage |
|---|---|---|
| Speed | Fastest, as little as 24 hours | Fast, often 2–5 days |
| First lender consent | Usually not required | Usually required |
| Typical term | Short | Short to medium |
| Loan size | Up to $5M | Up to $5M |
| Pricing | Higher | Generally lower |
| Best for | Urgent deadlines | Consolidation, larger or longer needs |
Choose a caveat loan if…
- You need money in a day or two
- Your first lender is slow to give consent, or you'd rather not ask
- The need is short and the exit is clear
Choose a second mortgage if…
- You're consolidating several debts
- You want the lowest private-lending cost
- You need 6–24 months of breathing room
Not sure?
Tell us the amount, deadline and exit in our 60-second eligibility check, and a specialist will recommend the fastest, cheapest structure.
