Mr and Mrs purchased a home in Dundas, Ontario for $2,610,000. Prior to doing so, they consulted with their bank, who assured them there would be no problem with the financing. Based on their bank’s assurance, they made a firm offer to purchase. Their bank backed out shortly before closing, when their current home was still on the market for $1.4M. To further complicate matters, both are self-employed with beacon scores of 588 and 728 and cannot meet their bank’s standard debt servicing guidelines.
We sourced the following deals for them:
Equity Take Out : $901,680 / 65%, 2% fee added to the mortgage, 1-year term, 5.99% rate, fully open
and
Purchase: $1,713,465 / 65%, 1% fee added to the mortgage, 1-year term, 4.99% rate.
We also negotiated a no penalty $400M paydown, (from proceeds of the sale of their existing home), to meet their specific needs.
This will enable them to complete the purchase and continue to market their existing home. On maturity, with our counselling, they will be candidates for bank financing.
It couldn’t get any better than this, a tailor-made solution for clients left in the lurch by their bank and for which they will be forever grateful.
If your bank is making you feel like a round peg trying to fit into a square hole,
Call or email me
If you want to discuss a financing solution tailor-made to you, contact me via email, [email protected] or phone 647-201-0167, to discuss.