A high net worth person who wanted to refinance a home in San Diego came to me because he was being denied by lenders. He had bought his home with cash, and had income and equity, but his situation didn’t fit into any of the narrow categories that underwriters prefer.

The borrower was a business consultant and author with over five published books who is constantly traveling internationally for business. He had been living primarily overseas for the past 10 years but did purchase a home in the San Diego area for cash late last year with a plan to move back to the US. He didn’t even really need the mortgage, but his financial advisor recommended that he take advantage of the low rate environment from last year by refinancing a property and investing it in other ways.

The borrower, who was worth many millions of dollars, had bought a $2 Million dollar San Diego property for cash. He wanted only $1 million back to reinvest elsewhere. He was living overseas and had yet to move back to the subject property, which is the only property he owns. He is self-employed and files his taxes as such.

The lenders on this type of non-conforming Jumbo loan had tried their best to kill this loan. I was able to work through many underwriting issues, despite the borrower getting very frustrated throughout the process. It took us longer than expected