My name is Glenn Rowell and I am seeking a non-QM cash-out second mortgage on my primary residence located at 41A Warwick Drive, Shalimar, FL 32579, appraised at $1,372,000 in December 2025. My existing first mortgage carries a balance of approximately $488,000 at 2.65% and will remain in place and untouched. I am requesting a single new loan in second position to accomplish the following: pay off my current HELOC with PenFed Credit Union ($205,000), fully satisfy and release a HomeTap Home Equity Agreement currently in third position ($235,000), retire approximately $70,000 in high-interest credit card debt, and provide additional funds for home improvements and closing costs. Total estimated loan need is approximately $575,000, resulting in a combined LTV of roughly 77%. Upon closing, all junior liens will be fully extinguished, leaving clean title with only the 2.65% first mortgage remaining. My current credit scores range from 629 to 654 across the three bureaus. This loan is a structured bridge strategy — by eliminating all junior liens and high-interest revolving debt in a single transaction, my credit utilization will drop dramatically and my scores are projected to recover to the 700+ range within 12 to 18 months, at which point I intend to refinance into a conventional loan at a more favorable rate. I am a motivated borrower with strong equity, sufficient income to service the new obligation, and a clear exit strategy. Interest-only payment structure is preferred. Interest only payments and Speed of close is a priority.
