Request:
- Applicant going through marital break down, required refinance to consolidate and settle with spouse
- Existing mobile and land was free and clear of any charges
- Consolidate all debts seen on credit report, buy out spouse and ideally raise some funds for house improvements
Challenge:
- Property location in very small rural town …. Lillooet BC
- Mobile home
- Condition of dwelling very rough and age is very old. Older the mobile = harder the approval
- No separation agreement in place
- Credit very thin and bruised. Beacon extremely low. Suspect to be a previous bankrupt based on the Equifax “on file” date
Results:
- DLC agent assigned application to Plan B on late afternoon of a Thursday
- Approval sourced out early in morning of the immediate next Tuesday
- Appraisal obtained the next day from approval, appraisal read very rough, dated and weak curb appeal
- Negotiations and package presentation to lender still obtained the approval but at a slight higher rate.
- Deal was committed on that weeks Friday, sold directly to client over the phone, signed documents returned on the Monday
- File instructed on Tuesday
- Lender approved the request but in addition agreed to INCREASE the approval so a renovation holdback could be implemented
- Client was able to consolidate all his debts into one easy payment, separation buy out was able to be complete, plus extra funds were raised so applicant will be able to upgrade the condition o the mobile
- 1st mortgage rate was 11.50% with a 4.50% lender fee … client was very pleased with the approval and gladly accepted the terms. Very happy DLC client
- Referring agent to receive 312bps and loyal client for life AND all the time involved in this approval process