Through our affiliation with Pershing and BNY Mellon company (the parent company of Pershing), clients have access to several creative and cost-effective sources of credit. Whether you are contemplating the purchase of a primary or secondary home, wish to purchase a business or are faced with unexpected expenses, or tax obligations, BNY Mellon can offer cost effective lending solutions while providing you with a single point of contact through the entire financing process.
We know the BNY Mellon bankers on a first name basis and would be happy to introduce them to you. Employees and partners at Clear Harbor do not receive compensation from either our clients or BNY Mellon company for either presenting these solutions or consummating a financing. We are fiduciaries representing your best interest and therefore feel compelled to highlight these creative financing tools if or when they could prove valuable to you.
- Adjustable-rate and fixed-rate mortgages available for single-family homes, condos and co-ops.
- 100% Financing option allows you to borrow up to 100% of your home’s value by pledging qualified assets in lieu of a cash down payment.
- Construction Financing requires only a single closing and locks in the rate at the beginning of the construction process rather than after completion.
- Loan modification availability in lieu of a traditional refinance.
- Hybrid Mortgage Solution combines two mortgage types at one closing, potentially lowering the blended rate, managing interest rate risk, and improving cash flow. For example, you may want to have one part of your loan with a rate locked in for 30-years while the other component provides a lower fixed rate for let’s say 5-years.
- LIBOR-based pricing (i.e. floating rate).
- Minimum loan amount: $500,000.
- Interest-only and fully amortizing payment options available. Tax and insurance escrows waived at no fee. Cash-out options for refinances available.
- In partnership with your Clear Harbor advisor, you would have direct access to BNY Mellon’s mortgage banking officers who would apply industry knowledge to your unique situation and deliver a tailored, cost-effective solution.
The Investment Credit Line (ICL):
This credit line is a flexible line-of-credit that provides a convenient source of borrowing for personal or business needs, such as major purchases, unexpected expenses, tax obligations or investment opportunities. Rather than liquidating securities, the ICL potentially eliminates the possibility of capital gains taxes and keeps your long-term investment strategies intact.
- The minimum facility size is $1 million. Quick turnaround time and no fees for establishing or maintaining ICL.
- Feel free to reach out to your advisor to discuss further.