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The Wholesale Wire


The Wholesale WireRecent wholesale lending activity

September 12, 2008

By SAM GARCIA

 

A national wholesaler has cut its construction lending program, but some hard-money programs are still expanding. One new offering promises to help wholesale lenders ensure they fund no loans originated by any unlicensed loan officers.

But first, Prysma Lending Group LLC said it offers FHA loans with FICO scores down to 550 up to 97 percent loan-to-value with manual or automated underwriting. The Danbury, Conn.-based firm indicated it funds loans in Alabama, Connecticut, Florida, Georgia, New Jersey, North Carolina, South Carolina, Texas and Virginia.

Commercial mortgages from $2 million to more than $1 billion are being promoted by Arlington Richfield Inc. In its marketing piece, the Birmingham, Mich.-based company touts 100 percent acquisition & development loans, fast bridge loans, 90 percent combined LTV mezzanine financing and equity financing.

Acceptable properties include multifamily, mixed-use and office, Arlington said. Retail, hotel and warehouse financing is also available.

PB Financial Group Corp. is advertising privately funded loans for California borrowers with FICO scores down to 300, in bankruptcy or in foreclosure. Loans from $0.1 million to $2.0 million are available in any position up to 60 percent LTV. Stated-income, stated-asset programs are also available.

“We provide hard cash for residential and commercial properties, corporations, limited liability corporations, Delaware corporations and 2-4 units property whether they are under probate transactions or whether owner occupied or non-owner occupied or a second home or investment with no cash-out limits,” PB says on its Web site.

Diamond Bay Investments has launched Easy Fund, a specialized hard-money loan program, a statement last week said. The Las Vegas-based company said loans between $0.5 million and $2.5 million can be used to acquire or refinance primary commercial, multi family and hospitality properties. LTVs are available up to 65 percent for distressed opportunities.

Flagstar Bank has advised mortgage brokers and correspondents that it has closed its third-party construction department, a mortgage company customer told MortgageDaily.com today. No other details were available.

Interthinx announced last week that it offers a 24-hour mortgage broker license monitoring service. The service reportedly helps wholesale lenders ensure compliance with state legislation and reduces the risk of sanctions or repurchases over unlicensed originations.

“Interthinx continuously gathers data from each state and, after a rigorous process of data verification, offers accurate and timely information about license status and validity,” the press release stated. “With quarterly audit and review summaries that show each time a license is checked, the Interthinx license monitoring system provides proof for use in internal and/or external compliance audits.”


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

e-mail: mtgsam@aol.com

 


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