AuthorAshley Jensen

Case Study: Remortgage the Home to Repair the Roof?

From time to time we get a client with a question that’s tough to answer, such as, “Should you remortgage your home to repair the roof?” And the answer is, it depends on a number of factors:

  • How long do you plan to stay in the home?
  • Is the roof repair necessary?
  • Is the price of the repair reasonable compared to other quotes from comparable roofing contractors?
  • Will repair solve the problem?

Our client Jason asked about this last week and we had a long conversation about it. He lives in Queens, NY, a large borough in New York City. The weather has been improving, but last week there was a bad rain storm. The 70 mph winds cracked a tree limb on large Oak in their front yard, causing the branches to fall on the roof and cave in the front right section of it. The tree fell straight through roof, smashing the shingles, walls, and landing in the attic. Jason went online in search of a roofing company and found Queens Roofing Contractors’ website http://www.queensroofingcontractors.com where he booked a roof inspection and requested an estimate for repairs. Queens Roofing’s estimate was $7,500, which was much lower than the 7 other roofers Jason spoke to previously. Unfortunately, Jason didn’t have the money to fix the roof, so he called to ask if we could remortgage his house to pay for it. Now, while we could remortgage his home, we told him it’s not a great idea to do it for this reason when insurance would cover it. After speaking with his insurance, they worked out a payment plan to help cover the cost of the new roof and we didn’t need to change anything with his loan.

Loan Case Study: Private Jet Charters

The majority of our borrowers are families looking to buy homes, but occasionally, we come across a business that needs a loan or a line of credit. Lux Private Jet Charter is a national aircraft rental broker that serves all 50 US states, assisting passengers with booking jets in and out of the country. Lux started in Manhattan, one of the 5 boroughs of New York City. They had a 2 person team – a web guy and a registered broker with connections to numerous private jet companies. Initially funding themselves, they rented a co-working space in SoHo and began taking calls. After 2 months and more than 17 successful bookings, Lux Private Jet Charter reached out to us to request a $150,000 loan to build offices in 7 other states and establish a larger network. They provided unique identification (driver’s licenses), the past 2 months of payroll, and their credit histories. Normally, we would not approve a company without 2 year of payroll in the books. However, our analysts took a hard look into the jet rental market, the future of air travel, and demand for the space, before allowing an exception. We approved their business funding at a 3% interest rate with a 10-year payback period. The two pioneers went to work immediately, building out offices in Brooklyn, Charlotte, Seattle, Houston, Mahattan, Queens, and the Bronx. Just one year later, Lux has arranged more than 100 successful jet charters for everyone from leadership teams to honeymooners on a once-in-a-lifetime trip. The point is that our business funding and lines of credit are meant to help you grow your business, secure a home, or do whatever it is you want to do. To charter a private jet, visit www.LuxPrivateJetCharter.com and book your flight for an unforgettable private jet rental experience.

Loan Case Study: Amy’s New Pool

One of the loan requests we got recently came from Amy Wilkins. We are publishing this information with her permission. Amy is a new homeowner in Sarasota, Florida. She recently purchased a 2 floor colonial house with white siding and an asphalt shingle roof. The backyard has a large open space, and the property is surrounded by a 4-foot (high) white vinyl fence. Amy called us two months ago to put in a new pool. She had gotten estimates from 5 Sarasota-based pool companies ranging in price from $20,000 to $65,000 for a 25 yard x 4 yard in-ground concrete pool. She made the decision entirely based on price without checking into the companies. We loaned her $20,000 to fund the pool installation. Just 2 weeks ago, the pool wall developed a huge crack. The company that installed the swimming pool did not create the structure correctly, so when the water was added, the pool structure couldn’t handle the weight and broke. Amy then contacted our team again to request funding for pool repair. Fixing the swimming pool cost another $2,000 because a new contractor had to come in, rip out some of the old concrete, pour new cement, and resurface everything. The lesson here is to do your research on the company before you hire them, regardless of what the request is. And in terms of loans, we can help with financing any home renovation or improvement project, such as installing a pool. It’s starting to get warm out, so now is the time to do it. For reference, the company the repaired the pool is below. They do fantastic work and we highly recommend their service.

pool repair on new swimming pool
Sarasota Pool Builders
4511 Brazilnut Avenue, #1
Sarasota, FL 34234
(941) 236-5709
https://www.poolbuilderssarasotafl.com