fundings
fundings
Funded Amount: $848,000 + $300,000
Type: Single Family Home
Lender: Conventional
Location: Surrey, BC
Loan-to-Value (LTV): 80%
Value: $1,497,500
stated income refinance / heloc
The client was a business owner in the construction industry and did not meet traditional income qualification guidelines. They also had a second mortgage and additional debts creating pressure on cash flow while needing continued access to funds for business purposes.
The Problem
To help the client get ahead, we used a stated income program based on 12 months of business bank deposit statements rather than traditional income verification.
The refinance was structured to:
The Solution
- Eliminated high interest debt obligations
- Created access to a $300,000 HELOC
- Improved monthly cash flow and breathing room
- Locked in a fixed payment the client was comfortable with
- Created a long-term strategy with the client and accountant
Outcome & Key Takeaways
- Pay out the existing second mortgage
- Consolidate outstanding debts
- Add a $300,000 home equity line of credit for business needs
As the client continues to grow the business, the plan is to strategically improve financial reporting and work toward stronger conventional financing options in the future.
Funded Amount: $848,000 + $300,000
Type: Single Family Home
Lender: Conventional
Location: Surrey, BC
Loan-to-Value (LTV): 80%
Value: $1,497,500
stated income refinance / heloc
The client was a business owner in the construction industry and did not meet traditional income qualification guidelines. They also had a second mortgage and additional debts
creating pressure on cash flow while needing continued access to funds for business purposes.
The Problem
To help the client get ahead, we used a stated income program based on 12 months of business bank deposit statements rather than traditional income verification.
The refinance was structured to:
The Solution
- Eliminated high interest debt obligations
- Created access to a $300,000 HELOC
- Improved monthly cash flow and breathing room
- Locked in a fixed payment the client was comfortable with
- Created a long-term strategy with the client and accountant
Outcome & Key Takeaways
- Pay out the existing second mortgage
- Consolidate outstanding debts
- Add a $300,000 home equity line of credit for business needs
As the client continues to grow the business, the plan is to strategically improve financial reporting and work toward stronger conventional financing options in the future.
