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Acra Lending launched its Jumbo Prime mortgage solution, which is designed as an extension to their suite of programs for purchase or refinance of higher valued properties, according to a press release.
“This specific program has been developed to meet the needs of customers in today’s environment and was launched to provide borrowers with the larger loan amounts they need to purchase or refinance a high-value property,” said Keith Lind, executive chairman and president. “With this addition, Acra is once again demonstrating its commitment to identifying, responding to, and anticipating the needs of borrowers across the market while maintaining the high standards of responsible lending that are the foundation of our business.”
The program features LTVs up to 90% and loan amounts up to $3 million. Acra noted that jumbo mortgages have become harder to access for borrowers due to the ongoing economic effects felt from the COVID-19 pandemic.
“The program will allow our network of industry professionals access to a solution for their clients who are looking to buy or refinance high-value primary homes, second homes and investment properties,” added Kyle Gunderlock, chief executive officer of Acra.