San Mateo, CA Client Eliminates Heavy Debt Burden and Retains Home
Jonathan* believes in the American Dream. As a young man, he went to school and worked for several companies, and when the time was right, was able to launch his own company. He built a successful import-export business and bought a home that would become the hub for his growing family.
Jonathan’s days at the business were long and challenging, but he weathered one storm after another, providing gainful employment to many loyal co-workers. In the meanwhile, his children played sports, excelled in school and applied to college.
When the financial crisis of 2008 took its toll on the Bay Area’s small businesses, Jonathan did what many entrepreneurs do in similar situations; he borrowed from his personal resources to sustain the company. The company survived as a much smaller entity which was unable to repay his loans. As a result, Jonathan’s debt burden was so large and heavy that he faced the prospect of selling off his home as the only viable means of paying back the overwhelming (and ever-compounding) mountain of debt.
When he received a flyer in the mail about a new tool offered through Barastone LLC that gives qualifying homeowners access to cash in exchange for a portion of the potential future appreciation in their home, he called. The Barastone team set to work on answering his questions and evaluating the situation. Jonathan learned that the program Barastone offered is not a loan and, therefore, would not add to his debt burden, nor require monthly payments. Jonathan would get to keep all of the current equity in his home, and still receive a portion of the appreciation of the home when he sells it years from now.
It sounded almost too good to be real! Jonathan gladly paid for a current appraisal of his home (the only cost to homeowners) and Barastone worked with him through the simple application process. Within weeks, Jonathan’s home appreciation rights application was approved and he received his cash payment.
Today, Jonathan’s business is recovering, but all his debt is retired and his family remains in the home they love. His American Dream lives on.
HOME APPRAISAL VALUE: $2 million
FUNDS RECEIVED: $345,000
*Actual Client. Named changed to protect privacy.