Here’s the scoop:
Our clients were in a situation where they wanted a larger and newer house, but they loved the area they lived in and their neighbours. They had spoken to their current bank about the idea of a major renovation and, despite being very well qualified from an income perspective, they were having issues putting the financing together.
Here’s how we helped:
- We were able to secure financing to complete the construction of the home to their specifications
- During the construction however, the clients decided to make some additional customizations which resulted in increased costs in some areas, while not completing some items that were supposed to be done in the initial deal
- This resulted in an issue with the initial financing that was in place due to a combination of the appraiser and the lender
- We found a new lender and appraiser, and were able to put together take-out financing that allowed them to pay the initial mortgage, the builder and their line of credit – all while getting a great rate.