Jackie Barikhan Closes $1.45M Cash-Out Refi In Oceanside, CA - With $350K To Self-Employed Borrower

(MENAFN- EIN Presswire) EINPresswire/ -- Jackie Barikhan of Summit Lending has successfully closed a $1.45 million cash-out refinance for a self-employed borrower in Oceanside, California, delivering over $350,000 in cash-out to help expand the client's investment property portfolio.

The property, a single-family residence with two accessory dwelling units (ADUs) valued at $2.15 million, presented unique challenges, including a complex rental income structure and limited comparable sales for appraisal.

Traditional financing, including DSCR (debt service coverage ratio) loans, was not an option.

Using a Profit & Loss / Stated Income program, Jackie Barikhan was able to:
.Approve the loan without tax returns or bank statements
.Navigate the complex rental income and appraisal issues
.Shop for the lowest rates and fees across multiple lenders
.Deliver $350,000 cash-out to support the client's investment goals

Loan Highlights:
.Loan Program: Profit & Loss / Stated Income / No Tax Returns / No Bank Statements Required
.Transaction Type: Cash-Out Refinance
.Loan Amount: $1.45 million
.Appraised Value: $2.15 million
.LTV: 70%
.Credit Score: 770 FICO
.Term: 30-year fixed
.Property Type: Single-Family Residence with 2 ADUs
.Occupancy: Primary Residence
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Why Profit & Loss / Stated Income Loans Are Ideal for Self-Employed Borrowers
Profit & Loss (P&L) loans, also called stated income loans, are designed for self-employed borrowers and business owners whose tax returns may not accurately reflect cash flow due to deductions or write-offs.
These programs allow lenders to approve financing based on detailed P&L statements, rather than traditional bank statements or W2s.

Typical Guidelines:
.Loan-to-Value (LTV): 60–80% for primary residences; flexible depending on property complexity
.Credit Score: 680+ preferred, with competitive rates for 700+ FICO
.Property Types: Primary homes, multi-unit SFRs, properties with ADUs, and investment properties
.Income Verification: P&L statements or self-certified income statements rather than tax returns

Jackie Barikhan specializes in complex, high-value self-employed financing, helping clients secure loans that banks often cannot, including scenarios with rental income, multiple ADUs, or cash-out needs. With over 25 years of experience and hundreds of millions in loans closed, she provides tailored solutions for unique borrower situations.
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“This borrower's self-employment and rental structure would have made traditional financing impossible,” said Jackie Barikhan.“By using a Profit & Loss / Stated Income program, we were able to get the client $350,000 cash-out while securing a 30-year fixed loan at the lowest available rate.”
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About Summit Lending
Summit Lending is a leading California mortgage brokerage specializing in self-employed borrowers, bank statement loans, stated income and Profit & Loss programs, jumbo loans, and investor financing. The firm is known for personalized, scenario-driven solutions that help clients achieve homeownership and investment goals even in complex financial situations.

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