Mortgage Daily Logo
mortgage news from industry experts

Nonprime and Commercial Wholesale Programs

Among alternative wholesale products being recently touted are subprime, Alt-A and commercial programs.

Alternative programs touted by ACC Mortgage Inc. are no-scored portfolio loans, no-documentation loans and owner-occupied full-documentation with credit scores below 500. Also on the menu are bankruptcy buyouts, second liens and foreclosure rescues.

The Rockville, Md.-based wholesaler said it handles both residential and commercial mortgages. Loan amounts range from $100,000 to $2 million.

A three-point lending philosophy touted by ACC includes showing a tangible net benefit for the borrower, demonstrating the borrower’s capacity to repay the loan and ensuring an accurate appraisal.

Mortgage brokers who refer commercial mortgages to Remington Financial Group Inc. can earn a 25 percent referral fee collected at closing, the 17-year-old firm said in marketing material. Its programs include apartment loans, hard-money mortgages and financing for other commercial property types.

Scottsdale, Ariz.-based Remington announced that it formed Secured Capital Income Fund LP as a joint venture with Black Hawk Capital Managers to raise a $200 million financing fund for bridge loans.

A non-recourse loan program touted by Sterling Commercial Capital can be used for purchase and refinance transactions on commercial real estate including multifamily, anchored retail and mixed-used. Five-year loans ranging from $2 million to $20 million have fixed rates between 7.9 percent and 8.5 percent.

Mercantile Capital Corp. reported a 15 percent rise in originations during 2009 and noted that its wholesale offerings are for owner-occupied commercial mortgages for small- and mid-size business owners of for-profit companies who occupy the majority of the property.

Artice Lending says its platform enables fixed rates below 4.50 percent and loan-to-values up to 80 percent by using other borrower assets as collateral. The company, with two offices in Georgia and one in Dallas, said the program pays 0.50 percent per transaction, allows the broker to charge up to five points.

Artice also indicted that its programs are not covered under the Real Estate Settlement Procedures Act.

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts