« matrix: prime niches »
This matrix should be used to
find general program information/
product types, unusual property or
loan characteristics. Please consult
the Prime 1st Mortgages matrix for
detailed program criteria.
COMPANy NAME
1 Acreage: Max acres on res. property (U=Unlimited)
2 Condo: Non-Fannie Mae/Freddie Mac warrantable
3 Condo: With only 2-3 units
4 Condotels at resort destinations
5 Co-ops
6 Dome homes
7 Land: Purchase of subdivided lot
8 Land: Purchase of undeveloped raw land
9 Log homes
10 Manufactured home (post-1976)
11 Second dwelling on single tax lot
12 Zoning: Non-owner < 5 units: Zoned other than residential
PROPERTy-RELATED ITEMS
123456789101112
13 Aliens/foreign nationals: No green
card, second home
14 Aliens/foreign nationals: No green card,
No-income verifier loans available
16 Corps., trusts, partnerships and LLCs
17 Minimum loan amount
18 Non-owner: More than 10 financed prop-
erties allowed regardless of loan amount
19 Ratio: Combined ratios are allowed
with non-occupant co-borrower
20 Remodel: Conventional at after-
remodel value
MISCELLANEOUS
13 14 15 16 17 18 19 20
PROGRAMS AND OPTIONS
21 Bridge loans
22 Freddie Mac: Loan Prospector (LP)
23 Freddie Mac: Affordable Gold
24 Fannie Mae: Desktop Originator (DO)
25 Fannie Mae: MyCommunityMortgage
26 Fannie Mae: Desktop Underwriter (DU)
27 Govt.: FHA Direct Endorsement
28 Govt.: VA
29 Lock: Longest lock available (number of days)
30 Lock without property address
31 Pledged asset option
32 Reverse mortgages
33 Tenants-in-common ( TIC)
34 Rural property/part-time farm
21 22 23 24 25 26 27 28 29 30 31 32 33 34
New Penn Financial LLC
866-886-9285
www.GoNewPenn.com
YY
Y
Y 100K Y
Y
YYY
NATIONWIDE except: AK AZ HI KS MA MO NV UT WA WI National mortgage banker specializing in non-agency loans. $100K to $2M. True portfolio programs. We
service all loans. GoNewPenn.com to sign up
Reverse it!
888-777-3311
www.reverseit.com
Y
Y
NATIONWIDE except: AK HI MT NC ND NV NY SD
Reverse it! is your one-stop resource for reverse mortgages. We pride ourselves in being one of the best
wholesalers in the industry and we are committed to your success.
display
Stearns Lending Inc.
800-350-5363
www.stearnswholesale.com
U
Y
NATIONWIDE except: AK HI LA MI MO MS ND NY OH
40K
Y
Y
YYY60
Y
> 80% LTV subject to MI-provider guidelines; Jumbo products available - contact branch for details; FNMA
HomePath available to 97%
display
The Funding Pool
866-210-0850
www.fundingpool.net
10
Y
60K
Y
YYY60Y
CO ID UT
Locking without property address avaliable with a $400 commitment fee. Broker package can be found at www.fundingpool.net.
TMSFunding Wholesale
888-371-2989
www.tmsfunding.com
Y
Y
NJ NY
Contact us for information about all of our unique products. See: www.tmsfunding.com. Please call for additional co-op requirements.
USA Direct Funding
888-697-3860
www.usadirectfunding.com
U
Y
Y
YY
Y
Y
Y
YYY58
CA ID OR WA
1 day off the market, USDA, jumbo, Homepath; much more. Ask about our Mortgage Assurance Program at no cost to you or your borrowers! Locally
owned and operated.
Tell lenders you found them in Scotsman Guide
Scotsman Guide makes every attempt to ensure the quality of matrix and directory information, which all listed lenders verify or update monthly. Because of the production cycle and dynamic nature of the industry, loan product
terms and availability may not reflect the latest changes. Please contact lenders directly for the most-recent program details. If you believe data is inaccurate or misrepresented, please e-mail: matrixfeedback@scotsmanguide.com.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
loan to a builder, that may run the
gamut from no money down to
10 percent down with either a free-and-clear or subordinated lot. On
a construction-to-permanent loan,
you can work with the private-money
lender for the construction and then
with one of your correspondent lenders to do a rate-and-term refinance
out of the hard-money loan. The private lender will require a 20 percent
nonrefundable deposit, which can
be rolled into the takeout loan.
5.;Rates;and;fees: Be able to speak
in general terms about rates and
fees. The typical builder who used
bank financing in the past may balk
at a six-month loan with a 12 per-
cent interest rate and 4 points, for
example, but you must show them
the profits they can make on a deal
that is consummated, rather than
waiting on the sidelines with no
funding. For a presold loan, if the
end loan costs are rolled into the
deal and 5 percent to 10 percent
of the project’s equity is allocated
for points and fees for the new con-
struction deal, then the clients may
be happy they can get a project
under way and completed — and
often in a shorter time frame than
traditional financing.
“To receive compensation
for their work, brokers must
demonstrate that they have
brought value to their side
of the transaction.”
gets paid off. Your compensation will
increase or decrease according to
how long you are comfortable waiting
to get paid.
For brokers who know how to work
with private-money lenders on construction projects, there are deals to
be made. Set yourself apart from the
competition by learning about this potentially valuable niche. •
David C. Scott is president and house
counsel at Silverado Funding LLc, a private
mortgage bank in Portland, Ore. Silverado
Funding provides residential real estate
loans for investment purposes and specializes in rehabilitation and construction
loans. It originates and services all loans
in-house. Silverado Funding has structured
and financed more than 1,000 hard-money
transactions. Scott is a loan originator and a
licensed real estate broker in Oregon. Reach
him at dscott@silveradogroupllc.com or
(503) 520-1290.
