MortgageDepot prides itself on providing our clients with the very best mortgage options available to them that are best suited to their needs. Recently Mortgage Loan Officer Yury Gohkberg, with the assistance of processor Irina O., closed a mortgage for a family that wanted to remain in their swiftly gentrifying community of Bedford Stuyvesant, Brooklyn, New York. Securing financing for the family’s home purchase became a dedicated team effort comprised of the Mortgage Loan Officer, underwriter, bank attorney, and processor, all working together.
With developers looking to stake a claim anywhere in the Bed-Stuy/Stuyvesant Heights, Brooklyn community, the developer made an offer of one million dollars to an existing owner of a two-family home directly attached to another adjacent two-family home. The owner’s house has a value of 1.3 million dollars. The current homeowner refused the developer’s offer knowing that it would radically alter the street where they reside. The developer made his intention clear to demolish the two adjacent homes to build a contemporary multi-dwelling, high rise building in the middle of a block filled with classic limestone brownstones and other low profile residences.
But, in a David vs. Goliath turn of events, the homeowner made an offer of a buy-out to the developer flipping the transaction on its head! The developer sold the contract of the adjacent two-family home to the homeowner at a loss! And this is where the efforts of the “team” began. Because of the homeowner having no down payment assets, refinancing via the home equity fund was used as the down payment.
The present value (equity) of the owner’s occupied home served as a means for the bank to offer them a cross-collateral program. The home equity functioned as payment of $600,000 for the property by using its present value to purchase the home next door. Ultimately, the refinancing for the property next door was secured at 4.375% with a 5/1 year ARM (adjustable-rate mortgage).
MortgageDepot values community and the people that live in those communities. That is our sole motivation whenever we facilitate a home purchase for each individual seeking to engage our services.