“Niche Lenders Looking for Business”

There was a time, when there were so many niche lenders, they were falling over themselves. This is starting to happen all over again, maybe not as many as there once were, as they are just starting to come into the market place.

Folks that can’t get certain loans done, may have more options than they once had. I’m not talking about stupid loans or the so called liar loans, but loans that can’t get done through Fannie Mae, Freddie Mac, FHA, VA or USDA, now may have some options.

If you have a scenario, let me know about it, again there may be an option. The following is an example. These clients own their home, plus 7 investment properties and they have a total of 4 mortgages and 3 of the properties have no debt, they want to put mortgages on the other 3.

 At one time Fannie/Freddie was the only game in town, but not any longer. We can now put mortgages on the other 3 properties. These mortgages are being considered non-QM mortgages and even subprime mortgages. These clients make a tremendous income and have great credit, so thinking of these folks as being subprime borrowers makes no sense.   

More and more niche lenders will be making their way into the marketplace to serve the under-served borrower throughout the country.