Investor Increases Loan Amounts To $5 Million For Multiple Non-QM Programs

Verus Mortgage Capital (VMC), a full-service correspondent investor offering residential non-prime lending solutions, has increased loan amounts to $5 million for several of its non-QM programs, and higher LTVs for interest-only loans. VMC has increased loan amounts for:

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>>Investor Solution Full Documentation, Self Employed and Foreign National programs, from $2 million to $5 million, starting at $75,000.

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>>Credit-impaired borrower loans from $2 million to $5 million, starting at $100,000, through the Credit Ascent program.

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>>Higher-balance loans offered with alternative documentation for self-employed individuals from $3 million to $5 million, starting at $150,000 through the Prime Ascent program. Prime Ascent interest-only loan LTVs increased from 80% to 85%.

“At Verus Mortgage Capital, we’re dedicated to building the non-QM market. We are committed to offering lenders flexible funding options for underserved borrowers who don’t fit into the conventional profiles,” said Dane Smith, President of VMC. “Right now, non-QM lending is a huge opportunity for lenders to grow their businesses and provide solutions to fill a very real void in our industry.”

Founded in 2015, VMC is a non-QM correspondent investor backed by Invictus Capital Partners, an investment firm. VMC purchases loans in all 50 states and the District of Columbia and focuses solely on the non-QM market. It offers correspondent lenders a wide range of home financing products for credit worthy borrowers.

The Washington, D.C.-based company, with operations located in Minneapolis, has purchased just under $2.4 billion in expanded, non-QM loans since its inception. In addition, through its affiliates, VMC has completed five rated securitizations.

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