How it started:
Ryan was looking to build a custom home for him and his family to move into. He initially went to his bank who provided him with the construction financing he needed, but as he neared the end of his project Ryan realized he was running out of money but his bank wouldn’t provide any more funds to complete the build.
How Ryan got into financial distress:
With construction delays, errors, and some unfortunate budgeting miscommunication Ryan found himself short 150,000 to complete his house and receive city approval.
How we were able to solve the problem:
With the bank refusing to provide additional funds Ryan found himself stuck. There was however good equity in the property. We were able to provide Ryan with a second mortgage to complete his construction.
One the home build was complete:
We were able to provide Ryan with 1 new mortgage to payout both mortgages on the home. The 1st construction mortgage from his bank, and the 2nd mortgage we provided were combined into one new low interest rate mortgage.