Case Study—High-Net-Worth Entrepreneur Successfully Refinances after Bank Rejection
A highly successful, high-net-worth entrepreneur with a company that makes multiple eight figures annually had been with the same bank for over 20 years.
He asked them for a simple refinance on his home, and they said yes. But when they ran his credit report and saw a couple of nonoptimum marks, they immediately said they could not do it and offered no further assistance of any kind.
The entrepreneur had been affected by identity theft years earlier, and there were a few remaining things that had never been corrected. He also had a few late payments because he got busy and has a lot of balls to keep in the air.
He came to me very disappointed, but we worked with him on repairing the small issues on his credit report (we do this as a free service as a standard part of our process on every loan, as necessary). This took about six months. We got him the refinance on his house, and then he also got more loans for real estate investments. As part of each loan, we automatically increased his credit score as part of the process, so now he has really good credit and he is very pleased.
