Sometimes life can throw you curveballs, and traditional lenders may not be able to help. For example, if you’ve received a CRA assessment, or another unexpected debt has popped up, your bank may look at your debt to income ratio and say that you can’t service further loans. In a case like this, the first step to getting back on your feet is knowing what your options are. Debts like this are often bumps in the road that need a quick resolution.
You may also find yourself in a challenging position when selling one home and buying another. Most people use equity from their first home to help finance the second home. If things work out that you have to close on the home you’re buying before you close on the home you’re selling, your down payment is locked up in the first home’s equity so that you’re not able to use it. This is where bridge financing with Graysbrook Capital can help.
Bridge financing is a short term loan designed to bridge the gap when traditional lending doesn’t work, perhaps in the event of unexpected debts, or down payments and equity for homes between sales. Once your situation has resolved itself, you are better positioned for a traditional bank to pay out Graysbrook.
At Graysbrook Capital, we use a holistic approach and will look at your complete financial health. By fully understanding your situation, we can help provide a short term mortgage solution, often with a lower monthly payment through eliminating other higher interest payments.