Here’s the scoop:
Our clients had secured a pre-sale condo a few years ago with 15% down payment. The condo was set to close in a month, but they did not have financing in place. Their business had good cash flow, however they did not claim much income personally. Two banks declined them, along with two other brokers. They were able to put as much as 35% down, if required, but that would have eaten into their working capital and they preferred to have a lower down payment.
Here’s how we helped:
- We were able to get financing approved with “A” rates in less than 24 hours with only 20% down payment
- Client was able to retain extra working capital to help them continue to grow their business