Dana Point business owner closes $750K second mortgage in three weeks

Jackie Barikhan of Summit Lending closed a $750,000 second mortgage on a $7 million Dana Point home in about three weeks using a flexible Profit & Loss loan program. The deal highlights how alternative documentation can speed financing for high-net-worth borrowers who do not want to rely on personal tax returns.

Why it matters: - High-net-worth borrowers often need mortgage options that reflect business income, assets and liquidity more accurately than standard tax-return underwriting. - A faster close can matter in luxury markets, where borrowers may want speed, flexibility and less paperwork. - The Dana Point deal shows how alternative documentation can help self-employed business owners access financing without a traditional income package.

What happened: - Jackie Barikhan of Summit Lending closed a $750,000 second mortgage secured by a Dana Point, California residence valued at $7 million. - The borrower was a high-net-worth business owner with a 790 credit score. - The loan closed in about three weeks. - The borrower used a Profit & Loss mortgage program instead of submitting personal tax returns.

The details: - The transaction involved a second mortgage on a luxury home in Dana Point. - The borrower had strong assets and credit but wanted a more efficient financing process. - The P&L-based program allowed Summit Lending to structure the loan around documentation tied to the borrower’s business reality. - The transaction did not require personal tax returns. - Summit Lending lists other flexible options including bank statement loans, jumbo financing, asset-based lending and DSCR investor loans. - Jackie Barikhan has more than 20 years of lending experience and has closed more than $500 million in loans. - More information is available on MyLenderJackie.com. - Barikhan also shared profiles on LinkedIn, Instagram, Facebook and X.

Between the lines: - The deal reflects a broader shift in lending toward borrowers whose income does not fit neatly into W-2 or tax-return formats. - Business owners and investors may show stronger financial capacity on balance sheets than on annual tax filings. - Luxury coastal markets like Dana Point often attract borrowers who expect specialized financing alongside high-value real estate.

What's next: - Summit Lending is likely to keep targeting self-employed borrowers, real estate investors and high-net-worth clients with alternative documentation programs. - The firm appears positioned to market speed and flexibility as key advantages for complex mortgage transactions.

The bottom line: - For affluent borrowers with strong credit and assets, alternative mortgage programs can shorten the path to closing without forcing a traditional paperwork tradeoff.