Plaza Home Mortgage Adds New Investor Program
Plaza Home Mortgage, a wholesale and correspondent mortgage lenders, has launched a new debt service coverage ratio investor loan program, DSCR Investor Solutions, that bases qualification on property cash-flows. The program provides investor financing up to $3.5 million and compliments Plaza’s Non-QM Solutions set.
Available through Plaza’s Wholesale Lending Division, DSCR Investor Solutions offers 30-year fixed fully amortized and 40-year fixed interest only loans with DSCR ratios as low as 0.75 percent. Qualification is based on property cash-flows and does not consider borrower income or employment. Loan amounts can range from $100,000 to $3.5 million with LTVs to 80% and FICO scores as low as 620. Property types include 1-unit SFR/PUDs, 2-4 units and condos. DSCR Investor Solutions is available with and without prepayment penalties.
“Plaza has always been known for our easy to use systems, broad product selection and our high levels of client service,” said Jeff Leinan, President, Wholesale Division. “Our new DSCR offering further expands our Non-QM suite and gives our brokers yet another reason to do business with us. All DSCR Investor Solutions loans will be underwritten by Plaza’s dedicated Non-QM underwriting team. So, clients will be dealing with experienced underwriters who know how to originate cash-flow loans.”
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