There are many reasons why you may need cash now before your house sells. We understand this can be frustrating and stressful. We can help make your house sale and new puchase less stressful with some extra cash in hand to do what you need.
We provides funds to borrowers who want to access equity in their property while waiting for the property to be sold.
Mrs. Black had her current home listed for sale and was looking to purchase a new one. The home she wanted to purchase was selling at an attractive price and so she needed to make an offer on the new home quickly and include a good sized deposit to ensure her offer would be accepted
Mrs. Black did not have cash on hand for the deposit but even though her current home had a mortgage already, she still had sufficient equity in it to borrow against to obtain the cash. Her bank was willing to provide her a loan with the equity in her current home but it was going to take the bank 2 weeks to complete the financing.
She required the funds within 3 days and didn’t have time to wait for the bank.
Mr. Brown had wanted to have a home custom built and needed to provide a deposit to the builder to get started. He did not have enough cash on hand to pay the deposit without first selling his current home.
Although it was already listed for sale, Mr. Brown did not want to close on a sale of his current home until closer to the possession date of his new home to avoid moving twice
Mr. Brown knew he needed to borrow the funds for the deposit.
He had a first mortgage on his current home with his bank but the bank was not willing to lend Mr. Brown any additional funds for the deposit as he had now retired from working full time.
Miss Blue had been ill, missing several months from work, and therefore credit card payments were behind. She did not have the funds to catch up on the payments she had missed and she realized that the only way to stabilize her financial situation and preserve her credit history was to sell her home and rent for a while.
She listed her property for sale, planning to repay her overdue debt from the proceeds of the sale of her home but knew it may take a few months for someone to purchase the property. The credit card company had given her only 1 more week to catch up her missed payments otherwise they were sending her account to a collection agency (which would lower her credit score further).
She had equity in her home but the bank was unwilling to lend to her due to her recent credit issues.