Peng is a business owner looking to access equity
Peng is a self-employed dentist who required a refinance to pay out his existing debts and invest in his business. He has owned his dental practice for 20 years and his home, located in a highly marketable area in Richmond Hill, for over 10 years. Despite having a first mortgage with a major bank that was coming up for maturity, along with a private second mortgage, Peng still has a large amount of equity in his principal residence.

However, with his bank tightening up on lending rules, he was unable to obtain any additional funds through a refinance. After asking the right questions, Peng’s broker learned there was more to the story. Along with the recently renovated house, Peng also had significant investment holdings. This additional information allowed Home Trust to offer him a one-charge Classic mortgage with an Equityline® Visa.

This solution allowed Peng to pay off his first and second mortgages, simplified his loans into one single payment, and provided him with access to a line of credit. Peng was able to complete the landscaping and additional renovations he had planned and still had access to credit for future business expansion opportunities.

Are you a Home Trust broker? Submit a deal or talk to your Business Development Manager to learn more.