I’d love to share with you a unique scenario highlighting our specialty at Sale Mortgages in transforming challenging financial situations into success stories!

Client Story: Overcoming Financial Hurdles

Recently, we assisted clients looking to downsize their home to better manage their finances. They faced some significant challenges, including:

1. Bridge Financing: They needed to secure financing to cover the gap between buying and selling their property.
2. Debt Management: Proceeds from the sale were designated to pay off outstanding consumer debts.
3. Asset Liquidation: With no minimal liquid savings or investments, their wealth was tied entirely to the property.
4. Credit Concerns: Their current mortgage was in default, resulting in a poor credit score.

While most lenders might accept one or two of these issues, tackling all four posed a significant challenge that deterred A-lenders and 95% of B-lenders.

Our Solution: Navigating the Complexities

Here’s how we successfully navigated this transaction:

• Deposit Financing: Thanks to some equity from the sale, we employed short-term deposit financing to:
  1. Cover the 5% deposit on the new property.
  2. Pay off the portion of the mortgage that was in default, restoring their credit standing.
  3. Provide an additional amount to cover $40,000 in closing costs, including property transfer tax and legal fees.
• Bridge Financing: We arranged short-term bridge financing (just 2 weeks) to meet their immediate needs. Although the amount needed exceeded typical B-lender limits, we found the right solutions for our clients.

With the guidance of a dedicated Realtor throughout the purchase and sale process, we successfully managed this financially challenging situation, ensuring our clients could move forward with confidence.

Are you facing a complex financial situation? Let us help you navigate your next transaction with expertise and care!

Best,

Adam Sale

778-215-4121