Irvine, California-headquartered, Citadel Servicing Corp. [1] (CSC), debuted its new product for five to 35-unit properties and mixed-use containing a livable unit with a bed. The Outside Dodd-Frank Plus Program builds on the company’s Outside Dodd-Frank Program to offer loans on properties up to 35 units. Under this program, borrowers can avail Loan amounts of up to $3 million with a maximum LTV of 75 percent.
“Basically, if it has a bed or living residence attached to it, we can fund it,” said CSC’s founder and CEO Daniel Perl.
“We’ve been working on this product for a while now and are glad that we can finally offer it to our customers,” said Kyle Gunderlock, President and COO, CSC. “We saw the need in the market and created a program that would build on our popular ODF product.”
CSC said that while it will offer its products to business entities and trusts for the first time, a personal guarantee would be required in addition to the requirements of its due diligence teams.
“We see a lot of potential business that will come our way with this offering,” said William Fisher, SVP, National Sales & Marketing Director. “We are continuing to stay at the forefront of the Non-Prime/Non-QM space because we are reading the market and listening to what our customers are saying. This is a great loan product for residential property with commercial influence.”
CSC is a Non-prime/Non-QM wholesale and correspondent lender. It was the first company to offer non-prime loans in 2012 following the financial crisis and utilizes its expertise in underwriting to offer products to underserved populations. The company specializes in alternative income products that includes bank statement programs, asset depletion, verification of employment and stated income.
Click here [2] for more information on the product and to download the rate sheet.