SBEL is your solution when…a successful self-employed entrepreneur would like to lower his monthly payment by refinancing his home to combine the 1st position loan and the HELOC.
Situation:
Greg Saliba owns and manages a successful business in the South Bay. Greg had a first mortgage and a HELOC on his primary residence. The HELOC was adjusting upward and he wanted to combine the two loans and lower his monthly payment. Being self-employed can make it more difficult to qualify for a loan with the big banks.
SBEL Solution:
SBEL President Matt Hadnett is Greg’s neighbor in the South Bay. Matt and his colleague Andy Elliott of South Bay Equity Lending were able to accomplish what the big banks could not. With SBEL’s breadth of products, they identified a bank statement loan specifically designed to give self-employed clients more borrowing power. Matt & Andy refinanced the 1st and HELOC into one new loan for his primary home. Greg’s monthly payment was reduced. A bank statement loan, that uses business bank deposits for income verification rather than tax returns, is a game changer for self-employed borrowers.
“The service at SBEL is outstanding! Andy came highly recommended and he was extremely helpful throughout the entire process. Andy is genuinely a such nice person to work with and I’m very grateful for the amazing service that he and the team provided. Thank you!!” – Greg S.