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New Breed of Wholesalers


New Breed of WholesalersWholesale lender program updates

April 25, 2008



Hard-money wholesale lenders have stepped in to fill the void left by failed subprime wholesalers. Among loan programs being marketed are those that allow stated incomes, no minimum credit scores and commercial properties.

LenderLab, a search engine for wholesale lending programs, boasts 12,000 loan programs from 400 wholesalers. A search for a $200,000 mortgage in Texas with an 80 percent loan-to-value loan, stated income and a 620 credit score turned up American First Financial Inc. — which said it will go to 85 percent LTV with good credit.

Another search for a $400,000 loan on a California property for a borrower with a 580 credit score yielded 13 wholesalers, including Titan Hard Money — which displayed programs requiring no minimum FICO score and LTVs up to 70 percent with stated income. The same search in Florida yielded results from 6 lenders, including SBB Financial, which went to 65 percent LTV.

Apex Funding Inc. touted a stated-income program that goes to 85 percent LTV. The Alisa Viejo, Calif.-based lender said it provides same-day underwriting approvals.

Charter Bank reported its residential hard-money programs with up to 60 percent LTV allow borrowers to utilize funds for foreclosure and bankruptcy bailouts. Stated-income loans with no minimum credit score are available up to 50 percent LTV. Combined LTVs go up to 100 percent with an outside second mortgage.

Accredited issued marketing materials indicating that it will go to 85 percent LTV with 24 months’ bank statements and 75 percent LTV on stated-income loans in several states including Arizona, California and New York. The San Diego-based company said it recently dropped its rates on full-documentation loans by as much as 100 basis points.

Accredited also said it will do loans up to $750,000 with 560 FICO scores at 75 percent LTV, while borrowers with FICOs down to 525 can get loans up to $600,000 with a 70 percent LTV.

AME Financial Corp., which says it concentrates exclusively on A paper, issued a price sheet indicating yield-spread premiums on 30-year fixed-rate conventional loans go as high as 4.822 percent. Maximum YSPs on FHA programs go as high as 4.65 percent. The Alpharetta, Ga.-based company claims it is “the fastest growing A paper lender in America today.”

Broker Capital Funding Inc. issued marketing materials indicating it will finance properties listed for sale just one day after they come off a multiple listing service. The San Ramon, Calif.-based company touted up to 90 percent LTV stated-income stated-asset loans in non-declining markets.

Miami-based Choice Wholesale Lending is also soliciting stated-income, stated-asset loans with LTVs up to 90 percent. While that program limits LTVs to 80 percent in declining markets, another program was touted at 95 percent LTV for declining market loans.

MetWest Commercial Lender is advertising commercial mortgage programs with LTVs up to 90 percent, credit scores down to 500 and YSPs up to 3 percent.

First Beacon Financial is touting hard-money no-documentation commercial mortgages up to $100 million. The Camarillo, Calif.-based company suggests brokers look to former self-employed customers for commercial mortgage leads.

Lender Lead Solutions announced it expanded its wholesale staff to handle more mortgage brokers who originate reverse mortgages.

“Lender Lead Solutions utilizes the most current and relevant technology, emphasizes partnership and offers a wide array of products and tools for reverse mortgage brokers,” the statement said. The Melville, N.Y.-based company “is open to any mortgage company that is looking to increase or create a footprint within the reverse mortgage industry.”

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of



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