HOME EQUITY LINE OF CREDIT - NET WORTH QUALIFICATION PROGRAM
Designer Capital worked with our clients to secure a Home Equity Line of Credit on their Primary Residence for a future property purchase.
The clients were referred to Designer Capital as they were looking for financing for a new Primary Residence. Both clients were retired and had sizeable retirement and investment portfolios and were unsure of how lenders would qualify them for the financing needed. The clients wanted to purchase their new home before selling their current property and needed flexibility in financing at the lowest cost. Since the clients were downsizing, Designer Capital was able to leverage their current home to achieve the clients’ goals.
Working with our Bank Partner, Designer Capital was able to achieve this Novel Financing Solution:
Home Equity LOC: $1,055,000 (58% Loan to Value)
Rate: Prime + 0% (Versus Prime +0.50% standard HELOC pricing)
Interest only payments based on drawn balance – no penalty for payout once the home is sold
Net Worth Qualification Program – The clients were able to qualify for $800,000 more than standard income qualification due to their sizeable investment and retirement portfolios
Designer Capital was able to work with our Bank Lender to secure financing and ensure the clients had the funds available to purchase their new home without selling their current property first. We were also able to secure preferential pricing 0.50% lower than the standard rate for HELOCs.
Designer Capital’s Unique Knowledge of lender guidelines allowed us to achieve the financing required for the clients through the Net Worth Qualification Program- 5 times more than the standard qualification. Our relationships with the lender also allowed us to get preferential pricing for the clients. Our Unbiased Approach to providing solutions allowed us to provide the clients with peace of mind and the flexibility to time the sale of their home as well as the purchase of their new home.