The time had finally come. The house the client had long been eyeing was finally available. The client chose the more traditional route of securing a $400,000 mortgage to make the purchase. All was ready for closing day. What could go wrong? Well, two things it turns out – the mortgage lender and the market.
The mortgage lender was not ready on closing day with the funds. A new date was scheduled. The date came, and yet the mortgage lender was still not ready. Needless to say, frustration towards the lender and worry about losing the opportunity set in.
The client thought their only option was to liquidate assets to cover the purchase. However, the market was in a down swing so selling low was not an optimal strategy. The client was out of time and choices.
When the client called his advisor, he was looking to find another solution. The advisor called his Goldman Sachs Select Regional Lending Manager, as he had helped his clients establish multiple lines of credit for his clients and trusted the program.
Together, the advisor and the Regional Lending Manager presented the solution to the client, who decided to apply that day. The result: the line of credit was approved within hours*, the funds were available the next day, and the property closing happened that afternoon.
Satisfied client. Satisfied advisor.
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