From The Desk Of is a series that profiles real advisors solving problems for their clients using GS Select.
Half a million dollars isn’t the kind of money you can find under the couch cushions. An unexpected event caused an urgent need for a retired couple to move from Florida to Virginia. The $500,000 needed to purchase a new home was tied up in their existing home equity, so they were at the whim of finding a buyer. Time was of the essence. With no debt experience, the couple was not well-situated to find a quick and cost-effective liquidity option.
Their advisor was able to turn this “nail-biting” experience into a positive one by introducing GS Select and securities-based lines of credit to his clients. It only took a short time to apply online, review and sign the borrowing documents—no paper necessary. The cash was available soon after, enabling the couple to get serious about their home search in Virginia. Their Florida home sold six months later. At that time, they were able to pay down the line of credit.
The situation was a win-win for all. The couple was relieved to not have to search for a new home in a time crunch. Their advisor helped his clients avoid capital gains taxes from liquidating $500,000 of assets under management and maintained his clients’ original portfolio allocation and assets under management.
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