Looking for refi options for high net worth, low income SFH

[Sam Li]

I am posting this on behalf of a friend. Any advice on the right loan type is much appreciated!

Goals and story: My friend is a foreign national, immigration status has been approved but still waiting on green card, has social security and runs a lucrative business that mostly deals in cash. Their reportable income is low and most of their net worth is tied up in their share of their business. They've currently gotten a loan for their primary SFH that is a 3-year ARM at around 4.3%. Looking to get a refi for 30 years with a lower than 4% rate.

Type of property: Single family home

Location of property: Diamond Bar, CA

Purpose of financing: Refinance, lower monthly costs and overall long term cost

Type of financing sought: Open to different options as long as it lowers their monthly payment and long term costs

Current or prior ownership of real estate: Currently 1 SFH as primary; their business owns several commercial real estate assets

Occupancy: primary home

Value of property at present: $1.8 Mil

Down payment or equity: $900K equity

Source of down payment funds, if applicable: own funds

Income Source: They run a highly cash-based business and they've issued W2 for themselves for the purpose of their previous loan. 

Gross monthly income (optional): Around 70K annual in W2 from 2020. Can be adjusted if really need to.

Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: Outside of their current home loan, only a lease on a car at $760 a month. No other large debts.

FICO: Around 740

Credit issues: None