www.lasvegasmtg.com Report: Las Vegas Portfolio Lending for High-Rise Condo Financing
By John Le Francois
A Portfolio Lender is a lender that Underwrites their own loans based on the lenders guidelines and not Fannie Mae guidelines or overlays. A Portfolio Lender then will service the loan and will not sell on the secondary market that is so common in toady's market.
The Portfolio Lenders have created Niche Markets that service clients that big banks cannot market too.
One of the Niche Markets is Financing High Rise Condos and Condo/tels.
All Western Mortgages have two Portfolio Lenders with unique and competing Niche Programs.
First Portfolio Lender:
Will finance Owner Occupied and 2nd Homes Condo and Condo/tels with the following guidelines. Maximum LTV for a Condo/tel is 70% and 80% for High Rise Condo. Minimum FICO Score is 720 and DTI is 40%. Must show 12 months non retirement reserves for loan amounts up to $1,000,000 and 24 months non retirement reserves for loan amounts over $1,000,000.00.
Second Portfolio Lender:
High-Rise Condos up to $2,000,000.00 loan amount with 20% down and Debt to Income to 45% and a minimum FICO Score of 720. High-Rise Condos that have been serviced by the Portfolio Lender are Turnberry and Panorama for example. Owner Occupied and 2nd homes are two occupancy types that are approved with the Portfolio Lender. With strong assets it is possible to get 80/10 financing. This unheard off in today's market!
Second Niche Product:
This Portfolio Lender has a loan program that provides financing with very competitive rates for borrowers with recent Bankruptcy, Short Sale or Foreclosure even within one year. This loan Program will be discussed in another post.