PRESALE PURCHASE WITH STATED INCOME LENDER
Our clients were referred to Designer Capital for their purchase of a presale condo in Langford completing in 20 days during the December holiday season.
The clients were working with their main banks to secure financing for their purchase as First-Time Home Buyers. After several months, the application was declined as the banks were not able to qualify them due to conventional debt servicing guidelines.
Given the quick closing date, Designer Capital used a two-pronged approach to ensure the clients would not lose their deposit. We worked with the realtor and developer to secure a 2-week extension for the completion date while working with an Alternative/B-Lender partner for financing. During the application process, buyer 1 was offered a job with a new employer with a higher salary but with Casual Status. The new employment would not be accepted by many lenders due to the Casual Status, however our knowledge of lender guidelines allowed Designer Capital to pivot and secure an approval with a new lender that used the full income for buyer 1 as well as stated income for buyer 2. Designer Capital’s Novel Financing Solution:
Mortgage: $390,000
Full income used for brand new Casual Status employment
Stated income used for Self-Employed writer (using bank statements)
Designer Capital’s collaborative approach with the realtor, developer and lenders gave our clients confidence and security that they would be able to complete their purchase. Designer Capital was able to leverage relationships with the lenders to complete this file over the holiday season well in advance of the extended completion date. Our Unbiased Advice gave them peace of mind during a stressful time having faced declines from their banks and we delivered an ideal solution for their financing needs.