Bernard and Louise are recent empty-nesters ready to downsize. They're looking to refinance their existing loan to purchase a new home, while keeping their current property as an investment.
When they first contacted their adviser two years ago, they were carrying a large amount of short term debt, and also had 5 recently paid defaults between them, so the banks declined their application.
Their adviser worked with Bernard and Louise to set up a realistic budget and repayment plan, and in two short years they were able to reduce their debt by an impressive $77,000.
With all their defaults now more than 2 years old, a solid exit strategy in place, and their remaining debt well within servicing limits, Bluestone was happy to approve their Near Prime loan and help Bernard and Louise start the next chapter in their lives.