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How OZ Capital Helps: First-Time Home Buyers

Jennifer and Roy are first-time home buyers. They have entered into a conditional agreement to buy a home of their dreams.

After the offer was accepted by the vendor, they visited their bank to obtain a mortgage approval. Several days later, the bank came back to them with a mortgage approval based on which Jennifer and Roy have firmed up the purchase agreement.

Two days prior to final closing of the purchase, Jennifer and Roy received a call from their bank stating that the mortgage department of the bank needed more time to review the application, as they were running behind with increased volume requests.

Jennifer and Roy approached their realtor for an extension but were denied by the vendor. Furthermore, the vendor was relying on the proceeds of the sale as they have purchased a property of their own, closing on the same day.

To make matters worse, Jennifer and Roy discovered that there was a chain of purchase and sale transactions, all relying on them closing their purchase on the same day.

In desperation, Jennifer and Roy approached OZ Capital through a mortgage broker, in hopes to close within two days.

After a careful review of the application and supporting documents provided, OZ Capital granted an approval and was able to close the purchase within 48 hours of receipt of the mortgage request.

OZ Capital helped Jennifer and Roy in a number of key ways:

  • By closing the transaction on time, OZ Capital prevented a loss of purchase deposit for Jennifer and Roy, as well as a possible lawsuit by the vendor as well as other participants involved in this transaction.

  • OZ Capital provided Jennifer and Roy with required financing on flexible terms, allowing for an easier exit strategy

  • Jennifer and Roy's mortgage broker was able to arrange an institutional mortgage for them and used the proceeds to pay OZ Capital out.

This is a real story - with the names changed for privacy - and it is a common occurrence with banks and other institutional lenders.

The outcome of this story is why we do what we do. If this transaction didn't close, it could have negatively impacted their financial lives, and potentially their marriage.

If you're a first-time home buyer or want to learn more about how OZ Capital can help with your financial matters, please reach out to us.

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