He said the company was also securing 30-year fixed rate loans on short-term rentals and Airbnb-type properties.
“There’s a lot of capital out there looking to be deployed. These properties really qualify well. You only have to put 20% down on those properties and the cash flow that we see on those is fantastic, so getting a long-term loan on it really works – that’s the other product that’s really taking off. That’s driving our space and that’s why we’re in pre-pandemic plus levels,” he added.
Asked about the company’s projections for 2022, Perry said he was “very bullish” about the coming year, explaining that business purpose lending was counter cyclical and therefore better able to withstand a predicted cooling off period in the US economy.
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He said: “That next stage of the market is a good one for our business. When the economy does cool down, that’s going to open up another window of sourcing cheap properties, and you’ll be able to see fix-and-flip-type projects and also cheap rental properties, so even that next stage of the cycle looks favorable for us.