Rounding out the recent rollout of LoanStream’s lending programs, Fisher also highlighted that the bank statement program only requires 12 months, which streamlines needed documentation.
“When we look at the borrower for our one-year income program, we look at the type of work they do, how many employees they have, and other factors. We then apply a fixed expense ratio which may be lower than other non-QM lenders require. This granularity, attention to detail understanding the borrower, gives us an advantage,” Fisher stated.
“All of our NanQ program offerings are created with the borrower, broker, and bond buyers in mind,” added Serene Vernon, president of LoanStream Mortgage. “Our culture is program innovation. We were one of the first to spearhead non-QM in 2013 with proprietary programs. We did not stop lending non-QM during the COVID pause, and we continue innovating today beyond the vanilla non-QM offered by our competitors.”
New ADU guideline changes
LoanStream has recognized the investment potential in providing financing for Accessory Dwelling Units (ADU) and is not stopping at unique lending platforms. As a result, LoanStream has updated its guidelines to reflect growing demand for the private financing of Accessory Dwelling Units.
“This has become very big in California, and we see the rest of the nation starting to follow. Owners add an accessory unit to the back of their house, stand-alone preferably, and rent it out because there’s demand for housing,” Fisher outlined.