TWT Recently Funded a Mortgage Refinance for $1.4M for Self Employed Clients.
Purpose of refinance was a combination of equity take out for home improvement & debt consolidation.
Clients have built up significant equity but also accumulated unsecured debt. Clients decided to take advantage of low interest rates and built up home equity - but were having some trouble qualifying at their bank. Strong revenue and net income but large deductions and minimal dividends declared making traditional debt servicing a challenge.
TWT was able to lean on the businesses net income and strong retained earnings to enhance the clients personal income and debt service the mortgage.
The net result was accessing built up home equity to complete the home renovation and further increase their home value. In addition, consolidate debt with the new, larger mortgage payment less than the combination debt payments, pre-refinance.
Another great job by the team and our strong lending partners to support a terrific family!