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Legislation lifting cap on reverse mortgage program passes

National Mortgage Professional
Jun 21, 2006

Silver Hill's CLEAR makes commercial lending as easy as residentialMortgagePress.comCommercial mortgage lenders Silver Hill Financial LLC, a national lender specializing in small-balance commercial real estate loans, introduced CLEAR—Commercial Lending Easy As Residential—a bold innovation in commercial lending available exclusively through Silver Hill. CLEAR is a residential-style approach for commercial mortgages from $100,000 to $1 million, designed to make commercial lending easier, faster and streamlined for mortgage brokers and loan officers. In addition, CLEAR gives residential brokers a stress-free way to diversify and grow their business while earning attractive commissions. "The time has come to offer commercial mortgages that are actually simple to originate," said Joanna Schwartz, managing director of Silver Hill Financial. "We are excited about CLEAR because it encapsulates our program, which is completely different from what other commercial lenders offer and it gives residential brokers a stress-free transition into commercial business. The result is a win-win: brokers and loan officers can easily diversify and grow their business, and borrowers with strong credit are able to finance commercial properties—many that would not pass traditional commercial guidelines—in a way that is familiar to them." Silver Hill pioneered the application of the residential debt-to-income (DTI) underwriting approach to commercial loans in 2003. Schwartz said, "CLEAR represents Silver Hill's comprehensive approach to lending—it's about delivering a strong product, process and training; improving accessibility to residential brokers; and making it easier for them to cross over into the commercial market." With the refi boom all but over, competition for residential loans has increased, making commercial a smart space in which brokers and loan officers can diversify their income stream. Silver Hill's CLEAR advantage provides a hassle-free transition into the small-balance commercial niche, allowing brokers and loan officers to quickly begin closing deals. By design, CLEAR has fewer restrictions than traditional commercial lending processes, providing more profitability—there are no committees and less waiting, resulting in quicker decisions and faster closings. Recognizing that strong borrowers deserve favorable loans and that many brokers and loan officers are more comfortable with the residential mortgage process than they are with commercial mortgages, Silver Hill designed CLEAR to mirror residential loan programs. The CLEAR commercial underwriting process concentrates on credit score and personal financial strength, rather than property cash flow. This common sense approach focuses on establishing the borrower's ability to repay the loan by drawing upon all income sources, not just the property. In addition, there are no minimum property debt service coverage requirements. As a result, brokers are able to finance properties that may not pass traditional commercial underwriting guidelines. With CLEAR, the entire commercial lending process is streamlined, so loans can be funded quickly. Typically, written pre-approvals are provided within 48-72 hours of receiving a completed loan application and deals can be closed in just 30-45 days. Loan applications can be completed online, using a simple three-step process, when brokers register at Silver Hill's Web site, Silver Hill's CLEAR offers numerous benefits, including points, fees and incentives. For example, brokers and loan officers can earn up to four points, plus fees on each deal and may charge additional fees to borrowers at their discretion. In addition, the lender's Silver Star Rewards Program offers rewards points directly to brokers for closed loans. These rewards points are redeemable for special prizes available in an online catalog. For more information, visit
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