When you’ve been in the real estate business as long as Ft. Lauderdale agent Chris Toomey has, you start to think about the legacy you want to leave. For Chris, it was paramount that he could help his community in ways that could make a difference for individuals trying to get into a house.

After seeing the need for bridge loans when his clients weren’t able to compete in multiple offer scenarios, Chris dug into his own pockets for short-term loans that could help his clients come to the offer table more competitively.

True, this type of approach isn’t one that many can do. However, Chris’s attitude towards serving his clients’ needs is a reminder that it is possible for each and every one of us to get creative when we think about the people we serve. When we think out of the box, we can figure out real ways to support our clients. Help can come in big ways or small ways. Yet when we go above and beyond to help our clients, the difference we make matters.

A Solution for Every Problem

The short-term loan arrangement that Chris provides to some of his clients was born from the needs of a specific client. This was a past client who had purchased a home in a senior community and decided it wasn’t a good fit. She wanted out. While they knew her current home would sell quickly, she wasn’t able to pull the cash out of it in time to close the deal on the new home she wanted. To be competitive in her local market, they needed to write a cash offer. So Chris lent her the money.

It’s important to note here that when you find creative solutions to help your clients, you should always talk to your broker and an attorney to ensure you are following the rules and laws of your area.

Chris, for example, worked closely with both the title company and an attorney on the deals where he provided a short-term loan. These tended to be scenarios where their clients planned to both sell a house and buy a house and therefore, they needed some cash between the two deals. Usually for about 30 days.

In providing this type of short-term loan, Chris was able to write the offer on the house the client planned to purchase as a cash offer and use his own proof of funds to be able to do the deal. With the help of his attorney and the title company, they used proper documentation that provided the maximum number of days of the loan. Then, a lien went onto the house being sold so that at closing, Chris’s loan would be repaid. And although the lien was placed to prevent issues, every client who received this type of bridge loan repaid it.

Chris never charged interest. It wasn’t about earning money through lending. For him, providing these loans were about getting the person where they needed to go. As he recalled,

contributing to someone’s home ownership journey in this way made his heart feel good. And his clients’ gratitude came back to him in the form of heartfelt appreciation and referrals.

Of course, this isn’t a program that Chris offers to all of his clients. When the need arises, it’s something he can do to help select clients compete in situations where they aren’t otherwise competitive enough. Chris attributes 16 completed deals to offering these loans – and these are deals that likely wouldn’t have been able to come to the table at all in this market.

While this type of service may not be something that everything can do – everyone can look to provide solutions to the problems our clients are facing. When you come from the heart and genuinely want to help your community, it will show and the deals will follow.

What solutions are you providing for your clients?