Situation
A small business owner required funds to pursue an exciting new opportunity. They owned a home in Ontario, but proving income was difficult because they did not have sufficient T4 provable income that a bank would require to advance a loan. Their credit rating, while not terrible, was also not where the banks require it.
Analysis and Proposal
Working closely with the client to understand their needs and financial situation, Alan concluded that the property had sufficient equity to obtain a LOC that would provide the required funds. An appraisal of the property was required, but income documentation such as a T4 and NOA were not required.
Solution
Alan submitted the proposal to the lender and the funds were obtained within a few weeks of the initial discussion. The LOC product is fully open, and the client is very happy with their ability to manage withdrawals and payments, and have online access to the status of their loan.
Let Alan show you how to use the equity in your home to help you with your small business opportunities!
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