Platte River Mortgage & Investments Inc., a Lakewood mortgage and investment firm, has partnered with Austin-based Calque to expand the Trade-In Mortgage in Colorado. The Trade-In Mortgage is a loan option that allows borrowers to use their home equity to purchase another property before selling their current one.
“Working with Calque empowers us to provide buyers with confidence during home purchase negotiations. With the Trade-In Mortgage, buyers can use their accrued equity to purchase their next home, our borrowers appreciate the ingenuity we have provided with this product,” said Sean Sedita, partner and co-founder of Platte River Mortgage.
The partnership with Calque allows Platte River Mortgage to offer a guaranteed backup offer. This enables Platte River Mortgage loan officers to write non-contingent financing on new homes and help their borrowers make a more significant down payment with a HELOC that does not count towards their debt-to-income ratio. Borrowers can make non-contingent bids comparable to cash offers, increasing their chances of securing their desired property.
Homebuyers who already own a home and are looking for a new property often have to make contingent offers, putting them at a disadvantage compared to investors and larger entities who can make all-cash bids. With Calque, Platte River Mortgage offers consumers the ability to use their equity to compete with all-cash offers without the risks of traditional bridge loans or moving out before selling their current home.