Meet the Ellis family, a couple in their early 70s who live in the Greater Vancouver Area in a home worth $1.3 million. Looking to downsize, they’re keeping an eagle eye on available properties on Vancouver Island, and finally find their dream home at a price tag of $550,000. Afraid to lose it, they act quickly to purchase the new place before selling their existing home — but don’t qualify for a large enough traditional loan, putting the dream they have for their future in jeopardy.
Most brokers will recognize this common situation: your clients are looking to move, only to find their dream home before having a buyer for their current one. In this scenario, instead of letting that perfect property slip through your clients’ fingers, brokers can leverage CHIP Open from HomeEquity Bank as a strategic bridge financing tool.