At first:
Mariam was able to place 60 thousand on a condo that was completed in 2 years..
How this happened:
The 2 year time frame had rolled around Mariam and her husband were no longer seeing eye to eye and their marriage seemed like it was going to end. They had to make a decision on the condo as they had both committed to buying it. They both didn’t want to carry it for a long period of time as they both had significant changes to their income and were unable to qualify for regular mortgage financing.
Down Payment:
Luckily they had a few cards in their favor. They had some cash to place as a down payment, as well as the real estate market having increased which in turn increased the value of the property since it had been purchased, this allowed them to purchase the property with a significant amount of equity. During the final week of completion Mariam and her husband still didn’t have a mortgage in place.
Conclusion:
When Approveu.ca got the file we were able to provide financing at a temporary higher interest rate, this allowed them to purchase on time and to put the condo directly onto the market to sell. They have decided to split the proceeds once finalized.