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Champions Funding LLC, a privately owned wholesale lender based in Gilbert, Ariz., on Tuesday announced the launch of its third business-purpose loan product — Accelerator X.
According to the company's website, Accelerator X offers more options for debt-service coverage ratio (DSCR) financing for high-FICO investor borrowers. The loan is available for business-purpose, non-owner-occupied properties with a maximum loan amount of $2 million. It has a minimum FICO score of 700 for purchase and rate & term refinance and a DSCR greater than or equal to 1.0, and a minimum FICO score of 720 for cash-out refinance with a DSCR greater than or equal to 1.1.
Describing Accelerator X as its “new flagship product,” the company said in a news release that it offers “a unique opportunity for higher FICO investor borrowers to tap into the equity that has built up in their rental properties or those looking to purchase and grow their investment portfolio.”
The product provides a simplified lending experience, so borrowers will see quicker application and closure times due to Champion’s streamlined lending processes, the company said.
An added benefit of the Accelerator X loan product is its Community Development Financial Institution (CDFI) eligibility, which allows for pricing improvements only available at Champions Funding, the company said. It is one of only a few lenders that hold a CDFI designation from the U.S. Department of Treasury to generate economic growth in distressed communities.
“We are excited to offer Accelerator X to our business partners as a way to fill a demand in our industry for alternative and responsible lending solutions,” said Natalie Verrette, Champions Funding president and chief operating officer. “The CDFI eligibility component to this product also serves our greater mission of making an impact for underserved borrowers in the nation’s most distressed communities.”
In its first six months, Champions Funding has captured over $600 million in loan submissions, the company said, adding that it continues to gain traction as a lender while fulfilling its mission-focused lending of serving the underserved and promoting community development.
Accelerator X is available for all approved mortgage broker partners, Champions Funding said.