Bring your deals, scenarios and questions as National Mortgage Professional Magazine presents a DealDesk featuring Castor Financial’s Prime PLUS loan program. Come join this interactive forum where mortgage brokers and loan officers share real deals and scenarios. These DealDesk webinars are both informative and deal-making.
Castor Financial’s Prime PLUS loan program is designed to redefine wholesale lending by streamlining the complexities of non-QM financing for brokers and their clients. This versatile program empowers borrowers—particularly the self-employed, individuals with significant financial assets and real estate investors—to qualify through alternative methods such as bank statements, DSCR, and asset depletion. With the ability to stack income streams, Prime PLUS effectively resolves DTI issues and significantly increases purchasing power. Whether you are assisting a client in expanding their portfolio using 100% of AirBNB ledgers or navigating a complex cash-out refinance, this program minimizes underwriting hurdles to ensure a smooth transaction from submission to close.
Although other lenders offer similar programs, it's in the details that Prime PLUS excels. Details like dividing eligible assets by only 36 months and not requiring a minimum asset value (asset depletion), allowing unlimited bank accounts (both personal and business) and only requiring LOEs to source deposits, or qualifying investors using the highest "MID" FICO of all applicants, using appraiser's market rents.
Join Brooks Champagne, President, and Matthew Craybas, V.P. of Product and Pricing at Castor Financial as they discuss:
• Expanded Qualifying Income: Asset depletion can be used as additional income alongside W2 or other Alt-Doc methods, and there is no minimum asset value required to start the conversion process. This flexibility allows for the conversion of various financial assets, such as checking or retirement accounts, into the "income" needed to qualify for larger loan amounts. Additionally, eligible assets are divided by 36 months to calculate supplemental income, significantly increasing a borrower’s purchasing power and resolving DTI issues, when other lenders divide by 60 or 84.
• Flexible Self-Employed Qualification: This program caters to self-employed individuals by requiring only 12 months of bank statements and allowing for just one year of self-employment (provided the applicant has two years of experience in the same field). To further simplify the process, brokers can blend business and personal accounts and source deposits using only a Letter of Explanation (L.O.E.).
• Optimized Investor Opportunities: For real estate investors, the Prime PLUS DSCR program allows for qualification based on the cash flow of the investment property. Unique features include using 100% of AirBNB and VRBO ledgers for income, allowing short-term rental comps, and offering no LTV reductions for short-term rental properties.
