Ken, a senior executive at a global IT company, and his wife Laura were in the process of relocating to another state for Ken’s job. With young children just out on summer recess, Ken and Laura had to move quickly to find a neighborhood with good schools in which they would be comfortable. After locating several communities that might work for them, they discovered that most of the homes in these areas were either priced outside of their price range or just too old to meet the needs of their growing family. Ken and Laura decided to buy a home, tear it down and rebuild it, but were concerned about how to manage the mortgage process for this type of a project.
CJM’s team recognized early on that rather than having Ken and Laura spend countless hours with mortgage brokers trying to secure lending from banks, it made more sense to see if it was possible to customize a more tailored approach to their irregular cash flow needs using their investment portfolios.
Through CJM’s relationship with Pershing, CJM has the ability to access private banking solutions from BNY Mellon, one of the oldest and largest banks in the world with over $26 trillion in deposits.
CJM was able to structure an investment credit line against Ken and Laura’s personal investment portfolios that allowed them to withdraw needed construction funds on their timetable without having to sell off parts of their portfolio, incur long term capital gains taxes in the process, or have to go through the long and arduous process of mortgage underwriting. The customized credit line for Ken and Laura was straightforward, and approval was granted in a matter of hours rather than weeks compared to normal mortgage banking underwriting.
What could have been a very slow, time consuming, costly, and confusing process became a flexible and manageable situation as CJM understood the client’s irregular cash flow requirements. BNY Mellon’s broad array of private banking services allowed CJM to deliver a customized solution to meet their client’s needs without compromising their long-term wealth strategies.
At CJM we understand that no two clients are alike and real world problems require practical and timely solutions. The CJM team brings together the best and the brightest in the areas of investment, tax, insurance, financial planning & wealth management to resolve each client’s particular issue(s).