Mr & Mrs S, were looking to buy a bigger property for more space for their growing family. They have sufficient income to support purchasing their perfect home but their credit scores were on the low end due to a few late repayments on their credit facilities. Mrs S’s score was under 600. They could not get approval from the bank with their credit. We were able to find financing for them for up to 78% of the purchase price of this beautiful home in Alliston, ON. This was perfect as they had enough funds for the down payment from the sale of their existing home. We locked them in for a 2-year rate at 4.34%, this will give them time to improve their credit score and allow us to find them a more ‘traditional’ rate and lender upon maturity of the mortgage.
This short-term alternative mortgage solution allowed the clients to proceed with their life plans at this moment, with just slightly higher rates and minimal fees. We are very happy we were able to help them.