PROFESSIONAL POKER PLAYER - REFINANCE WITH INSTITUTIONAL FINANCING
Our client worked with us to refinance their luxury home in Toronto.
As a professional poker player, our client struggled to find conventional financing when he purchased his luxury home in Toronto for $3,910,000. He worked with a different mortgage broker and completed the purchase with Private Financing - $1,910,000 at 9.05%, with monthly interest-only payments over $9000.00.
The Private Financing required an up-front fee of 2.50% ($47,750) for a 6-month term. Renewing the mortgage would require additional fees and the possibility of higher rates at the end of the 6-month term.
Working with our exclusive partners at a Big 5 Bank, Designer Capital was able to explain the client’s income as well as leverage his liquid position to secure this Novel Financing Solution:
Mortgage: $1,910,000
Home Equity LOC and Mortgage combined product – allowing equity to be re-borrowed in the future without requalifying
Big 5 Bank rate – Prime – 0.77% (1.68% at the time of approval)
Monthly Principal and Interest Payment: $7,760.63
Designer Capital’s unique financing solution allowed our client to have a long-term solution to owning his home as well as building equity for future purchases or investments. Designer Capital’s Unbiased Advice allowed us to connect them with a lender that was able understand his unique employment and portfolio to deliver the ideal financing scenario.