Newfi Lending, a technology-enabled residential mortgage lender and portfolio company of Warburg Pincus, has launched Sequoia Porfolio Plus, a new proprietary loan program designed to provide exceptional flexibility for mortgage brokers and their client borrowers.
With Sequoia Portfolio Plus, all underwriting and exceptions are made in-house, giving brokers very fast turnaround on approvals. The company’s objective is to provide “make-sense” decisions when creditworthy borrowers have circumstances that make it difficult to qualify for conventional loans.
“We wanted to create a loan program that combines the best of jumbo and non-traditional borrowing options,” said Newfi Lending CEO Steve Abreu. “With Sequoia Portfolio Plus, we are giving brokers an option to serve more homeowners in a very tight market.”
Product guidelines are expansive, allowing loan amounts up to $2 million and loan-to-value ratios up to 85% for purchase loans. Scenarios and exceptions are handled by a client service desk staffed by program specialists who support same-day decisions.
Newfi Lending currently lends in 9 states: Arizona, California, Colorado, Florida, Oregon, Pennsylvania, New Jersey, Utah, and Washington. The company has received licensing approval for 16 states and plans to operate in over 20 states by the end of 2018.