Scenario: A purchase of a Single Family Dwelling in Richmond, BC to be the new principal residence. The existing residence located in Surrey is still listed for sale.
The borrowers require bridge funds for a short period of time to close on the purchase. Once their existing home sells, they will pay out the 2nd mortgage.
Mortgage Required: $300,000 – 2nd Interalia
Obstacles: The borrowers require bridge funds for a short period of time to close on the purchase. Once their existing home sells, they will pay out the 2nd mortgage.
What we accomplished:
– Funded a 2nd interalia mortgage for $300,000 allowing the borrowers to complete the purchase, while awaiting the sale of current residence.
– 6 weeks later their prior home sold. 2nd mortgage was paid out without a penalty for the client.
What’s more interesting: The fully open 2nd mortgage was provided based on appraised value with no income qualification or verification from the client.
Key Points:
– We provide open term mortgages with no penalties to your clients for paying down or paying out the mortgage!
– We offer bridge financing, enabling your clients to buy while awaiting the sale of their existing property.
– We help your clients save money when funds are needed for a short period of time.
– Find out what our clients say about us! Click Here
When banks say NO ✗ – We say YES! ✓