Mike needed $100K in equity. His bank couldn't structure it under their policy. We closed it in 8 days.
The Situation
Mike: 732 credit score, $165K owed on $305k home
Recently quit W2 job to buy into business partnership
Needed $100K equity to fund the new business deal
Wife: Stable W2 ($85K/year), previous bankruptcy on credit
The Challenge
Mike's bank hit a policy constraint: They couldn't qualify Mike alone (no current W2), and needed wife's income but couldn't put her on the loan (BK 7).
How We Structured It
Single-borrower HELOC using household income without requiring his wife as a co-borrower.
Bank statements were evaluated to show cash-flow and the deposits were used as qualifying income.
Why This Might Matter
Every institution has different credit policy constraints. When you've got a client with real equity and it just doesn't fit your policy, there's often a way to structure it with a different channel.
Work With Me
Do you have a deal that doesn’t fit your credit policy but the client seems solid?
Reply to this email or call me at 616.298.2743 for a same-day answer.
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