Our latest funded loan in Greenwich, Connecticut, exemplifies how our aggressive programs and creative underwriting enable investors and homeowners to access equity, even when conventional financing is insufficient.
The Scenario
Our borrowers came to us seeking a cash-out refinance on their single-family residence. Although they had strong credit and solid financials, their combined W-2 income wasn’t enough to meet traditional qualification standards.
That’s when our experienced team looked deeper into their overall financial picture and discovered a significant opportunity. One borrower held over $1 million in a 401(k).
Rather than letting that asset sit idle, we utilized our Asset Allowance feature to help them qualify.
The Solution: Asset Depletion Over 60 Months
Through our Alt Doc Program, we implemented a 60-month asset depletion strategy, enabling a portion of our liquid retirement assets to serve as qualifying income.
This approach provided the additional income strength needed to support the borrower’s debt-to-income ratio, enabling us to approve the loan quickly and efficiently.
By combining full documentation with asset allowance, we delivered a powerful hybrid solution that most banks don’t offer.
Loan Details
| Loan Program | Alt Doc Program |
|---|---|
| Location | Greenwich, CT |
| Transaction Type | Cash-Out Refinance |
| Property Type | Single-Family Residence |
| Loan Amount | $1,975,200 |
| LTV | 70% |
| Credit Score | 809 |
| Loan Term | 30-Year Fixed |
The Result
The borrowers were able to tap into their home’s equity, secure nearly $2 million in financing, and retain ownership of their investment.
Contact us to see how we can help you with financing.
