While we may be hard-pressed to call debt a necessary evil, it is something that we all deal with on a day to day basis. Sometimes it seems as though some debts will follow us around forever, causing us issues with cash flow, paying bills, and improving our credit. With the right products and the right help, debt can be surmountable. Let’s talk about how Graysbrook products can help you, or your clients, get into a place of control with their debt and credit scores.
Canada Revenue Agency (CRA) Debt can cause trouble for anyone caught in it. Money owing to CRA can stop us from being able to buy a home, or financing a vehicle. With CRA penalties being 5% of the amount owing, Graysbrook may be able to help. Graysbrook is able to finance up to 80% LTV (loan-to-value) with a pre-approved exit strategy. The result is that once the CRA debt is paid off, you can refinance with a traditional lender! Add in that by working on this plan with Graysbrook, your CRA debt is paid off immediately, and at a lower rate than paying it by instalments.
If you have found yourself in a situation where your credit score is in rough shape, you may find yourself wondering who to turn to for help. Traditional lenders are reluctant to lend to people with lower scores, meaning that even though you’re in need of consolidation, you may not qualify for it. Private lenders, such as Graysbrook, are an alternative to traditional lenders. While we do not report to the credit bureaus, if used correctly, a private mortgage can buy you enough time to fix your credit score.
If you secure private funds and use it to pay off unsecured debts, such as credit cards, lines of credit, and vehicle loans, your credit score will increase. This will allow you to take advantage of better interest rates and terms to buy a new home, or borrow to renovate your current home.