Parkside Lending, a national wholesale and correspondent lender, is reintroducing Parkside Collateral, a non-QM loan product created to provide affordable financing exclusively for investment properties. It is available through Parkside Lending, LLC’s Wholesale Channel beginning June 1, 2015.
By design, the Parkside Collateral loan focuses on positive cash flows and underwriting requirements that are both sensible and responsible. Some of the features of this 30-year fixed term product include:
- Unlimited Financed Properties (max 4 or $2MM with Parkside)
- Loan-To-Values up to 70%
- Minimum credit score of 700
- Loan amounts starting from $75,000 and up to as much as $1,000,000 for 4-unit properties
- There is no borrower Debt-To-Income (DTI) calculation; qualification is based on the property DTI with a maximum of 90%
- Eligible properties include single family residences, Planned Unit Developments (PUD), condominiums, and 2-4 unit multi-family dwellings
“This non-QM product addresses the current lack of liquidity for loans that do not fit the conventional mortgage space and answers a real need among creditworthy borrowers who wish to purchase or refinance investment properties,” said Clint Rosenthal, Executive Vice President of Sales, Parkside Lending. “We believe the most impactful thing a lender can do for qualified borrowers today is to support them by creating viable non-QM solutions.”
Parkside Lending is a national wholesale and correspondent lender that cares. It is committed to making a positive difference for clients and their customers. Parkside Lending’s sensible approach to underwriting, innovative suite of mortgage products and proprietary technology help loan officers and lenders close more loans. It employs seasoned professionals who bring respect, integrity and commonsense underwriting to every transaction. Furthermore, because it doesn’t serve the retail channel, Parkside Lending’s clients can be confident that it will never compete for their customers.