Mortgage Daily

Published On: December 2, 2015

A wholesale lender operating from Southern California is promoting a high loan-to-value, limited-documentation program for subprime borrowers.

Approved mortgage brokers now have access to a wholesale program for self-employed borrowers or borrowers who receive their income via 1099.

The program
allows loan amounts up to $3 million, loan-to-value ratios as high as 90 percent and FICO credit scores that can be as low as 500.

Behind the aggressive program is Citadel Servicing Corp.

According to promotional material from the Irvine, California-based company,
Citadel utilizes 24 months of bank statements to determine income. No profit-and-loss statement is required.

A business license, tax preparer’s letter or corporate paperwork is necessary.

On personal bank statements, 100 percent of deposits are used, while half of deposits are used on business bank statements. No consideration is given to withdrawals or overdrafts — though not-sufficient-funds checks are limited to six in the most-recent 12 months.

On owner-occupied properties, the minimum FICO score is 600. For non-owner-occupied transactions and second homes, FICO scores can be as low as 500.

Prior foreclosures, short sales or bankruptcies must have occurred at least two years ago.

The program includes an interest-only option.

Citadel also promotes hard-money programs, no-income-verification programs and loans for foreign nationals.

The wholesaler says it does business in 12 states.

Citadel reports that it was founded in 2003 as a sister company to First Street Financial Inc., “a top-20 subprime originator and top-three hard money originator by volume through 2007”
that closed down in February 2007.

At the helm of Citadel is chairman and chief executive officer Daniel L. Perl, who founded First Street in 2002. Perl reportedly has 35 years’ experience in the home lending.

Mortgage brokers can apply online to become approved with Citadel at

Citadel says it doesn’t pull credit reports on broker applicants nor does it require financial statements or minimum volume thresholds.

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