Athen Apaquette

My sister was turned down by her credit union for a loan and we can’t figure out why?

She is retired, but gets income from oil investments and other stock dividends. She has 4 Million in her IRA. We are shocked!”

Great question!

After her reviewing her tax returns, I can tell you that the oil exploration costs are being deducted, so even though year 2 and 3 look great, she keeps investing in new ones.

Therefore, she has a loss on these investments, at least on paper, every year.

Your sister’s profile is difficult for a “traditional” lender like a big bank or credit union.

We have a loan where we take the value of the assets and use a mathematical “depletion method,” which is only a calculation of what the liquid assets could bring in income.

The number that’s generated from the formula gives us a monthly income to use, and if it’s enough, we can approve her.

She doesn’t actually take any money out or move it around; it is simply a calculation. That way we do not need her tax returns (and therefore no “spooking the underwriter with the big losses) for loan approval.

We love “out of the box” programs that use common sense to help deserving people.

Do you know someone who has trouble qualifying but has strong liquid assets?

Have them call me right away and I can walk them through our program and if it’s right for them.