With some 16 million workers now identifying as self-employed, the Pew Research Centre pointed out that the post-COVID recovery had been stronger for this group, which goes some way towards explaining why lenders are increasingly eyeing the advantages of serving this traditionally under-served borrower.

Tomasello, who has been at Acra for more than five years, pointed out another advantage of the 3MBS program, as a borrower’s deposits don’t have to come from their business source when qualifying income.

However, it’s not just the self-employed borrower being targeted by Acra. The lender is also making forays into the commercial sector with a new product – multifamily financing.

Tomasello said: “Back in 2019, when COVID first hit, the financing options that were available on the commercial side quickly diminished, and specifically for small, balanced commercial. This is going to be one of the first options that are back on the market for those borrowers.”

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