Ideal Client Credit Profile
for Non-Prime, Non-QM Loans
"Stop worrying, Beacon Point Mortgage Solutions is your guide to alternative safe lending options!"
-Jennifer A. Blanc, Esquire -Broker
Are you a potential client? All of our clients who are in need of financing that fit within the non-prime rate parameter of mortgage lending or who fail QM requirements have one of two things in common. Borrowers are either an existing property owner with 10% to 25% Equity position in your property or a purchaser with less than a 700 credit score or had suffered a major credit event within the last three years, but possess the ability to make a sizable down payment today.
They are usually productive self-employed professional or business owners whom despite current good credit history, experience feeling shipwrecked and castaway by traditional bankers and in need of alternative responsible solutions, not loan sharks. Many are avid real estate investors who want financing for their next portfolio acquisition without being hit with prepayment penalties on a flip.
Here at Beacon Point Mortgage, you can trust in us to find and deliver responsible alternative financing solutions at near prime rates usually 1-2.5% above prime.
Here are some highlights of our rescue:
Interest only loans available
Bank statement underwriting available in lieu of income tax return for documenting income
Some stated loans for real estate investors
No prepayment penalties
30 yr fixed and adjustable rate mortgages with 7/1 term loans,
No cash reserves in most cases
Down payment amount or LTV based on credit score.
Interest Rates start at prime but increases based on credit score and LTV
Debt-to-Income Ratio is based on gross income and asset depletion availability, in general 50%.
Max loan limit $5 Million.
Learn more about Non-Prime Residential Options.
Beacon Point Customer # 1
Good Credit Today - PAST CRISIS EVENT
Customers who have experienced adverse past credit events such as bankruptcy, foreclosures, short-sales but who are not well situated to wait for ordinary seasoning periods presented by agency guidelines or restrictions.
Solution -Beacon Point Tower or Explorer
Beacon Point Customer # 2
YOU ROUTINELY DEPOSITS INCOME INTO BANK ACCOUNTS
Bad or No Income Tax Returns
Customers who have tax returns with aggressive deductions that deplete income to the point that they lack sufficient income to qualify for traditional banking/ agency financing's DTI guidelines or borrowers who have simply under-reported income.
Solution - One month to 24 months Bank Statement.
Beacon Point Customer# 3
HOME OWNER - BUSINESS OWNER
You need an immediate cash-out refinances for business purposes, likely for expansion, paying off vendors, in need of capital contribution for acquisition of business equipment or assets. Leveraging against your personal residence is your only option.
Solution: Beacon Point Tower or Explorer depending on LTV