Pre-Construction Condo Conundrum
August 25 Deal of the Week – Pre-Construction Condo Conundrum!
Lawrence purchased his pre-construction Condo in Toronto in 2013 and ran into problems when it came time to find a mortgage 3 years later. His credit score took a huge hit after his divorce and he was turned down from the banks. Stuck scrambling for a mortgage, he came to Matrix Mortgage Global for help.
Here’s what his situation looked like:
Property Value in 2013: $300,000
Down Payment: $30,000 (10%)
Credit Score: 450
Employment: Self-Employed (Cleaning service)
What we did:
We ordered a current appraisal on the property and found the current value to be $400,000 now that the condo was built. We lent against the current value of the property instead of the original value.
Property Value: $400,000
Down Payment: $130,000 ($30,000 original deposit + $100,000 equity)
1st mortgage: $300,000
Lawrence was able to close on his new condo on time and he’s ready to move in and have a fresh start. Matrix Mortgage Global was able to lend on the property value and use that to qualify him despite his damaged credit and business for self status.
Are you in a pre-construction conundrum? Call Matrix Mortgage Global at 1-800-428-0717 or use our Live Chat for assistance.