When it comes to challenging jumbo loans, Patrick McKenna with CS Financial caters to the type of unique requests that come from people on the Westside.
Specializing in home loans between $1 million and $6 million, McKenna and his team of qualified financial experts are able to craft a loan that works for people with complex finances. In some cases, they might have recently acquired sizable assets or don’t have a traditional salary.
“We have a lot of clients who own multiple businesses with different types of revenue streams but can’t really show that on their tax returns because they might have loss carryovers or whatever the case may be,” McKenna said. “If they have assets like stocks or mutual funds, we’ll derive income out of that if they have equity in their home to create a loan that we can fund.”
A local resident to Pacific Palisades and a graduate of Loyola High School, McKenna and his wife Dana recently celebrated the birth of a baby daughter. McKenna grew up in the Palisades the son of Irish immigrants. His father ran a successful dermatology practice for many years in Beverly Hills, where McKenna now has his office.
He described CS Financial, which was purchased by Banc of California in November, as a boutique mortgage bank that offers more unique products than a financial company. McKenna said he is also able to work with clients looking to buy a home recently out of short sale.
“Basically if someone sold a house under short sale, let’s say they lost equity and had to move ,” McKenna said. “As long as they don’t let their credit cards go, we can give them a loan one day out of short sale to purchase another home.”
For McKenna it’s all about underwriting to the clientele on the Westside.
“Some clients on paper might have $2 million or $3 million in reserves but won’t qualify for a loan because their income isn’t there,” he said. “But we’ll do that.”