“A” lender approval pulled after conditions removed, Fast B deal required to fulfil purchase contract in small remote Alberta community

Deals of the Week - “A” lender approval pulled after conditions removed, Fast B deal required to fulfil purchase contract in small remote Alberta community

Client sold house to buy new dwelling where the existing credit union mortgage lender had an approval in place for the new purchase. Once approval was granted and existing house sold, client simply stopped paying all liabilities as they would eventually be paid from sale of existing. 5 trade lines went into r3 status or worse causing credit union to pull approval on a subject removed purchase contract. Client needed mortgage financing locked down in less than 2 weeks.

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