When you own a luxury home in Malibu, traditional mortgage lending isn’t always the right fit. If you own a luxury property or invest in high-end real estate in Southern California, you know that the opportunities are amazing but the challenges are unique. Savvy investors understands that great financing is the secret to leveraging your position, even if you could pay cash. So what happens what you need to get out of a Home Tap Loan or a Home Equity Investment to move on to the next property?
High-value properties, unique income situations, and costly financial agreements often require creative solutions—and that’s where our team comes in.
The Homeowner’s Challenge
We recently worked with a self-employed client who owned a $7.7 million ocean-view home in Malibu. We often work with self-employed borrowers because we know how to get them approved based on their bank statements, profit and loss statements, and other documents that display eligibility far better than a W-2.
In this Malibu case, our clients were facing two major financial challenges:
- A Home Tap equity-sharing loan that had become financially draining
- A need for cash to fund property renovations and improvements
If you’re wondering, “can you refinance to pay off a Home Tap loan?” then you’ll want to see how we helped these clients.
Can You Refinance to Pay Off a Home Tap Loan in California?
Because the client was self-employed, traditional financing based on W-2 income wasn’t an option. Instead, we structured a Profit & Loss (P&L) stated income jumbo loan, allowing them to qualify using business financials. It’s not even close to the first time we’ve done this, which is why our clients were able to get exactly the help they need. Our expertise has built a reputation for us that puts our clients at ease.
This approach made it possible to:
- Pay off the Home Tap loan at the lowest negotiated payoff, saving tens of thousands
- Access cash for renovations
- Lock in a competitive jumbo rate in the 6% range
Why Experience Matters When Choosing a Jumbo Lender in Malibu
You have many choices for your lending needs in Southern California. So why does it matter who you pick? Sometimes borrowers assume that very lender is going to offer roughly the same solutions, terms, and rates, so they just pick the first on they find. This can be a mistake if you’re in the luxury market because your scenario is unique. You need a lender with expertise in those unique areas.
Luxury lending in Malibu isn’t one-size-fits-all. Our deep experience with jumbo and non-QM loans gives us the flexibility to solve problems that traditional banks can’t. With over 100 5-star reviews across Google, Facebook, and Zillow, we’ve built a reputation for helping Southern California homeowners achieve financial peace of mind.
Thinking about refinancing your Malibu home? Whether it’s to pay off equity-sharing loans, fund renovations, or consolidate debt, our team at Summit Lending can guide you every step of the way. If you have questions, you can talk with our resident expert Jackie, or apply for a loan with one of our amazing loan officers. Even if you’ve heard a “no” or “we can’t help you” from other lenders, let us show you how our expertise can be the exact partner you need.
