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Parkside Lending Launches Improved Non-QM Product

NationalMortgageProfessional.com
Jun 02, 2015

Parkside Lending is reintroducing Parkside Collateral, a non-QM loan product created to provide affordable financing exclusively for investment properties. The product is currently available through Parkside Lending, LLC’s Wholesale Channel. By design, the Parkside Collateral loan focuses on positive cash flows and underwriting requirements that are both sensible and responsible. Some of the features of this 30-year fixed term product include:

►Unlimited Financed Properties (max 4 or $2MM with Parkside)
Loan-To-Values up to 70 percent
Minimum credit score of 700
Loan amounts starting from $75,000 and up to as much as $1 million for four-unit properties
There is no borrower Debt-To-Income (DTI) calculation; qualification is based on the property DTI with a maximum of 90 percent
Eligible properties include single family residences, Planned Unit Developments (PUD), condominiums, and two- to four-unit multi-family dwellings

“This non-QM product addresses the current lack of liquidity for loans that do not fit the conventional mortgage space and answers a real need among creditworthy borrowers who wish to purchase or refinance investment properties,” said Clint Rosenthal, executive vice president of sales for Parkside Lending. “We believe the most impactful thing a lender can do for qualified borrowers today is to support them by creating viable non-QM solutions.”

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