“Lenders Cutting Loan Products and Jobs”

I continue to read article after article about the big box banks cutting loan products and thousands of mortgage related jobs.

In one of these articles JP Morgan is eliminating 22 out of 37 mortgage products and 8,000 jobs by year end. Just think about it, over half the mortgage products. All I can say is thank you.

We keep adding loan products to take up these voids in the market place. Today we added a non-QM loan product that allows someone who owns multiple properties, we can get them refinanced and get cash out. These days Fannie Mae and Freddie Mac will allow financing up to 4 properties. This lender will finance up to 10 properties.

I have a client that owns 8 properties, 4 of them are financed and 4 have no debt. He has been attempting to put mortgages on the other 4 properties, so that he can buy additional properties. With this new lender, I can get his goal accomplished.