Broker Scenario #1
Problem: Clients looking to refinance home and consolidate some of their debts to get ready to downsize as they are retiring. They wanted to include partial payments as their income is changing and they plan on selling home in the next year.
Graysbrook Capital Solution: We approved the deal, but had a great conversation with the broker that maybe selling the home now is the best option, as they would not be eating up their equity. The broker then went and discussed the option of selling instead of going with the deal and the client agreed and put the home up for sale and will pay off debts once the property sells. They then plan on taking their time purchasing another property.
Broker Benefit: Clients were very happy and impressed with the broker not being focused on their commission only. Opportunity for the broker to build their reputation and grow their business through referrals.
Broker Scenario #2
Short Term Mortgage
Problem: Clients owed $40,000 to CRA and needed it to be paid in full before they can close their mortgage approved through the bank.
Graysbrook Capital Solution:We confirmed through our lawyer there were enough funds from the proceeds of the mortgage they were doing with the bank to pay us out. The client’s lawyer advised us of the date when the mortgage was going to close with the bank once the CRA was paid. Because we confirmed this, we did the loan but did not register the mortgage. This saved the client legal fees, a reduced lender fee for paying out within 30 days, and there was no discharge fee because we did not register.
Broker Benefit: The clients and the broker were very happy on how smooth the transaction went.