Case Study: Title transfer for spousal buyout

We recently funded this loan in Halifax, Nova Scotia. Client had a marital breakdown and needed to refinance owner occupied home to payout the 1st mortgage and provide equalization payment to ex-spouse to remove their name from title.

Appraised value $350,000
Mortgage Required $230,000
LTV 65% 

Broker provided a legal position letter confirming the amount of equalization payment, and we conditioned for payout.

This was a quick close deal with fully open terms.

Exit strategy: Client was able to pay off the loan in three months by refinancing at a ‘B’ lender after the ex-spouse with removed from title and signed the separation agreement.   

For more examples on how we can help, check out our “Loan Options” section above, or send us a note at contact@keycap.ca