Refinance with Credit Impairment


Refinance with Credit Impairment

The client came to us after trying to refinance with his lender and through 2 other brokers.  He was looking to refinance to access equity to do some home improvements as the house was in need of repair.  He also wanted to consolidate multiple loans with sub-prime personal lenders.  The credit score was low due to 15 credit enquiries within the last 3 years and mortgage arrears of 2 months within the last 2 years.  He also had a number of buy-now-pay-later cards needing consolidation.


Strategy & approach

Prime lender with flexible policy

Lenders traditionally don’t like debt with sub-prime personal lenders but we found a lender that was flexible with respect to these.   We were able to position the benefit to the client in terms of consolidating all the debt into one easy to manage payment, which was considerably less than the sum of the individual repayments.  The arrears were explained in terms of his situation at the time they occurred.  The client had actually had a good repayment history after that small aberration and the lender was comfortable with the explanation provided and the overall benefit to the client to simplify his total debt situation.


Amazing Service by Adam Stewart ** I had a few declines from other banks and brokers. Adam was professional and offered us the best customer service. He took the time and got it done! Very happy and grateful to not be treated like a number! Thank you Adam *** HIGHLY RECOMMENDED!

Bruce Clayton