Case Studies

Check out how Leap Financial has truly helped homeowners in BC.
Grey apartment building complex

Case Study 1

Mortgage Loan for First Time Home Buyers – Done!

Belinda P.

Background

Belinda and her husband were highschool sweethearts and tied the knot in February 2020 after being together for 10 years. They saved and planned to purchase their first home in the Summer of 2020. They found the perfect highrise in Burnaby and were ready to get their mortgage. However, Mr. and Mrs. P were sadly disappointed after working with their mortgage broker as there seemed to be a huge disconnect on the status of their application. Belinda celebrated early thinking they were approved, but only to find out they were declined approval due to their combined income… .

How We Helped

After lamenting to a friend about her negative experience, her friend recommended Leap Financial. Not only did we approve Belinda and her partner, but they received a larger mortgage amount AND at a lower rate, from 2.89% to 1.95%.

Communication was key as they had a poor experience prior to dealing with Leap Financial. We thoroughly walked them through the process and diligently answered all their questions to give them the peace of mind and confidence in their loan to be first time homebuyers.

Where are they now

With a beautiful view and a modern decor in their unit at the amazing Brentwood residential towers…. we’re proud to say that they are happy homeowners, and we are happy to have been a part of the process.

Testimonial from Belinda P.

“Jordan, I cannot thank you enough. We are more than happy to provide a testimonial for your organization as we are a true testament to happy Leap Financial customers. You really came through when our bank and longtime mortgage contact couldn’t. We are absolutely thrilled with the new place. We have turned it into a home and it has been filled with so many great memories already, including the new addition to our family – a fur baby. We owe it all to you. A million times, thank you!”

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Birds eye view of neighbourhood

Case Study 2

Second Mortgage for Debt Consolidation and Home Subdivision – Done!

Kayden D.

Background

Kayden’ story is definitely relatable and something that has happened to the best of us. Him and his wife had a second mortgage with another lender at a rate of 10.99% and they needed to borrow an additional $170,000 to subdivide their property and consolidate some credit card debt. The builders who built their home and a lien on title, which also needed to be paid out. They were also having some issues coordinating times with their other lender as they had limited hours.

How We Helped

Kayden did an thorough online search for a lender who can help and navigate him through this stressful situation. This is what we did:

We approved Kayden’s application and provided him with the $170,000 he needed to subdivide his property, pay out the builders, and clean up his credit card debt

We also paid out their $200,000 mortgage with the other lender at 10.99% and refinanced his property to $370,000 ($200K to refinance their mortgage and $170K for debt and subdivision) at 7.95%

Their monthly payments went up by only $350 and their credit card payment obligations went down by $300; a large win for Kayden!

We were available for financial advice and guidance 7 days a week with extended hours - this was very important to Kayden

Where are they now

Kayden and his family have the peace of mind they deserve after a very eventful process with the other lender and builders. Credit card debt can be overwhelming, but he has successfully managed this going forward, plus they subdivided his property which will lead to a great return once they choose to put that property on the market and pay off their mortgage.

Testimonial from Kayden D.

“What can I say now that I haven’t said before. The immense stress my wife and I were under was eliminated with your creative and helpful ways. Thank you for doing what others couldn’t. Thank you for giving us the peace of mind that we were looking for. Our children are growing and we are able to be more present in their lives, knowing the financial burden is being managed monthly and safely. Even writing this gives me so much ease. Thank you.”

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Man dealing with finances with calculator and green pencil

Case Study 3

Income tax loan – Done!

Marcus B.

Background

Oh, income taxes! Marcus needed a $50,000 home equity loan to pay his income taxes. He contacted a few B.C. lenders and decided to proceed with one of them who was offering him a rate of 10.75% with over $8,000 in fees!

How We Helped

Marcus is still unsure how he found out about Leap Financial, but he says he is glad he did. Immediately before he proceeded with the alternative lender, he had quickly applied with Leap Financial, and to his astonishment, he was approved just as quickly. After reviewing his application, we were able to provide him with the $50,000 loan he needed, as well as enable him to refinance his current mortgage, as he was paying a rate of 3.19%. Leap Financial was able to bring it down to just 1.99%. With the loan we structured for Marcus, he only had to pay a $2,900 penalty to break his current mortgage but we were able to work that fee into his mortgage, making for an excellent financial decision! In addition to the $50,000 loan, we were able to help lower his monthly payments by $300.

Where are they now

Trust and communication are key. He was in a tough situation and because our team genuinely cares about the health and financial security of our customers, we go above and beyond. Leap Financial offers conventional mortgages, too, and Marcus was able to take advantage of this. The burden of taxes was paid and financial stress was gone! This is what we do at Leap Financial.

Testimonial from Marcus B.

“Thank you Jordan and David. I am still in disbelief. The feeling of owing $45K was eating away at me. This isn’t something I planned for and thinking I was eligible for a competitive rate was unimaginable. Happy to endorse the team anytime. You really saved me.“

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Outdoors with sidewalk

Case Study 4

Serviced Land Purchase – Done!

Brent and Melinda M.

Background

Imagine having the opportunity to build your dream home, but you constantly find yourself running into obstacles? Meet Brent and Melinda — they were selling their home in the Fraser Valley and planning to purchase a one acre lot in Mission, BC, in order to build their dream home. However, construction for the property was not starting immediately, so construction financing wasn’t available to them right away. Therefore, they needed to obtain the property via a Serviced Land financing with only 20% as a downpayment. And after being turned down from their longtime bank, another mortgage broker was able to offer private lending with 35% down. However, despite this, they were still in need of more financial help.

How We Helped

Brent and Melinda found Leap financial and we were able to obtain financing through a local credit union with just 20% down, which is exactly what they were looking for. With 3 days left until subject removal, we were able to obtain full approval and complete the appraisal all within 72 hours. They were able to remove their financing subject on time! It was important for them to feel heard and have their lenders truly understand what they were in search of; and Leap Financial was able to tend to their every need.

Where are they now

They are temporarily staying with family while they eagerly await the start of construction. We are beyond delighted to have been able to help propel their vision forward and move them into the home they have dreamed out for years.

Testimonial from Brent and Melinda M.

“A relief, that is all I can say. David was excellent and great to work with.”

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Modern Grey House with nice landscaping

Case Study 5

Debt Consolidation and Paid Out 2nd Mortgage – Done!

Jackson K.

Background

Managing debt is NOT EASY! Jackson had three large collections reporting on his credit bureau and unfortunately, he was being hounded by creditors, daily. He had his first mortgage with Scotia Bank and his second mortgage with a private lender. However, the stress he was dealing with quickly became insurmountable and began to affect his overall wellbeing.

How We Helped

Jackson contacted Leap Financial after unsuccessfully getting the answers he needed from other lenders. We were able to swiftly pay out all outstanding collections and his second mortgage to 80% of the value of the home. With Leap Financial, Jackson was able to take control of his debt before the end of 2019; just in time to head into the holiday season stress-free and with the financial confidence needed to take on the new year!

Where are they now

No more creditors! After the one-year term, we were able to combine both his first and second mortgage into a new first mortgage – this helped reduce his payments by $1,200!

Testimonial from Jackson K.

“You have no idea how I feel. I was starting to get chest pain from all the debt and I needed help and didn’t know where to start. Feeling grateful for Leap Financial and definitely in a better place, financially and emotionally.”

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Man pouring green paint into bucket

Case Study 6

Business Loan – Done!

Leanne M.

Background

Leanne is self-employed and was in dire need of capital to help keep her family’s painting business afloat. When the COVID-19 pandemic struck, she was greatly impacted and once her government assistance funds had quickly run out, she soon found herself in a difficult financial situation. To make matters worse, banks were unable to help her due to her low and unsteady income.

How We Helped

The main priority for Leanna was to access the equity she had in her home to help fund her business needs. She just needed the money from a reputable and trusted lender who could walk her through the process and get her family business up and running.

Leap Financial was able to help Leanna tap into the equity from her home and had her mortgage prepaid for the 1st year — this gave her the peace of mind of not having to worry about the monthly mortgage payments. In addition to this, the funds enabled her to purchase the painting supplies she required, as well as allow her to start advertising again.

Where are they now

Leanne is back in business! She has since been gaining the traction she needs for success and has successfully found a niche audience to target her services to!

Testimonial from Leanne M.

“My family and I thank you. It hasn’t been easy but there is some peace of mind knowing that there was assistance when we needed it.”

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Woman Painting Wall Green with roller

Case Study 7

Home Renovation Loan – Done!

Travis and Lina C.

Background

Travis and Lina became empty nesters and wanted to downsize their home. Fortunately, since they lived in their house for almost 20 years, they were able to build enough equity to cover the renovations that were needed to make the home more desirable for the housing market. However, since they were both self-employed and weren’t able to show enough income on paper, the banks were only able to help them access $15,000 of the $100,000 they needed to cover the repairs.

How We Helped

Leap Financial helped get them approved for the full $100,000! They had contacted other well-known private lenders in Canada, and yet none were able to help Travis and Lina acquire the full amount of funding they needed; plus the interest rates were significantly higher than what we were prepared to offer. We were also able to negotiate an open term on the loan that allowed Travis and Lina to pay the loan out after a few months with no prepayment penalties — whereas the competition was charging them nearly a $6,000 penalty just to break the term.

Where are they now

Their home was appraised at $875,000 prior to the renovations, but after leveraging Leap Financial’s expertise, they were able to sell it for an amazing $1,300,000. They downsized to a townhouse and they’re now living mortgage free!

Testimonial from Travis and Lina C.

“What a year!!! We love our new home and we love Leap Financial.”

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