Deephaven Heightens Foreign National DSCR Program – NMP Skip to main content

Deephaven Heightens Foreign National DSCR Program

Navi Persaud
Dec 07, 2021

Deephaven is amping up its Foreign National DSCR Program as a response to the increase in the real estate investment market.

The real estate investment market, driven by rising rents and returns, is attracting a wave of single and multi-unit property investors including non-U.S. citizens, according to Deephaven. The company, which specializes in non-QM/non-agency lending solutions, amped up its Foreign National DSCR (Debt Service Coverage Ratio) program to meet their need for financing.

Offered through Deephaven’s wholesale and correspondent channels, the program further streamlines mortgage lending by eliminating certain documentation requirements that otherwise could present barriers to a speedy closing, according to the company.

“Speed and efficiency are important to non-U.S. citizens, who often need to complete transactions within a compressed period, before traveling back home,” said Mack Walker, senior vice president, director of Capital Markets, Deephaven.

In place of typical borrower income qualifying criteria such as W-2’s, Deephaven calculates the projected cash flow of the property to determine whether the monthly rental income meets or exceeds the debt service requirements of the loan. Whether it’s an experienced investor who wants to unlock existing equity via a refinance in order to acquire more assets or a first-time investor, the company says it can lend up to $1.5 million, with a maximum 75% LTV for purchases and 70% for refinances.

The Foreign National Program requires 12 months of reserves to be held in a U.S. FDIC-insured bank, and the money can be used for condominiums, non-warrantable condos, planned unit developments (PUDs), and two- to four-unit multi-families. Assets for closing must be seasoned in a U.S. depository for at least 30 days prior to the close.

Published
Dec 07, 2021
More from
Non-QM
KBRA Assigns Preliminary Ratings To CSMC 2022-NQM1 Trust

Kroll Bond Rating Agency assigned preliminary ratings to CSMC 2022-NQM1, a $553.7 million non-prime RMBS transaction sponsored by DLJ Mortgage Capital, Inc.

Non-QM
Jan 25, 2022
Deephaven Introduces Jumbo-Prime Loans

Non-agency/non-QM Deephaven Mortgage announced a new jumbo-prime loan product, as it looks to help mortgage banks and brokers compete for high-net-worth borrowers.

Jumbo
Jan 25, 2022
Ellington Financial Completes $417M Non-QM Loan Securitization

EFI originally acquired the majority of the non-QM loans from LendSure Mortgage Corp.

Non-QM
Jan 24, 2022
Angel Oak Lending Platform Reveals Record-Setting 2021

Last year was a record-setting year for many companies in the mortgage lending space, especially for the Angel Oak lending platform that consists of Angel Oak Mortgage Solutions and Angel Oak Home Loans.

Non-QM
Jan 21, 2022
KBRA Assigns Preliminary Ratings To Non-Prime RMBS Offering

The underlying collateral, comprising 817 residential mortgages, is characterized by a notable concentration of alternative income documentation; 64.2 % of the loans were categorized as non-QM.

Non-QM
Jan 18, 2022
KBRA Assigns Preliminary Ratings To OBX 2022-NQM1 Trust

Kroll Bond Rating Agency assigned preliminary ratings to six classes of mortgage pass-through notes from OBX 2022-NQM1 Trust, a $556.7 million non-prime RMBS transaction.

Non-QM
Jan 17, 2022
Popular