Home Equity Investment Success Story

Here's a success story for this month:

Homeowners live in New Jersey
Home value = $775,000
Mortgage balance =$350,000
Credit scores = 570
Self employed- Little reportable income

These homeowners found what they believed was an ideal spot for a sandwich shop. A lot of foot traffic year around, great parking etc. They considered many different franchises and decided that they wanted to pursue a Mr. Pickles franchise. They were going in partners with a long time family friend and figured that they would each need to come up with about $150,000 to make it fly.

Of course, their first thought was to go to their bank and request a HELOC. They were denied due to credit and lack of income. They considered applying for an SBA loan, but, after researching this option they didn't want to wait nor jump through all of the required hoops.

The Home Equity Investment Solution

My partner was introduced to them and fortunately had the perfect solution...a HEI. We were able to get them the desired $150,000 and they were ecstatic.

Remember......

30 year agreement
Homeowner may pay the agreement in full at any time
No monthly payments - ever
HEI has a Homeowner Cap for those with an early exit strategy