Michigan-based United Wholesale Mortgage (UWM), one of the nation's fastest growing wholesale lenders, announced on Tuesday the rollout of its newest product: Investor Edge, an offering designed specifically for borrowers seeking to purchase or refinance non-owner occupied investment properties.
According to a company release, the Investor Edge program provides UWM's broker partners with the opportunity to expand their businesses by catering to the niche segment of borrowers looking for homes to invest in.
"The last few years residential investment purchase property transactions have largely been dominated by all cash investors," said Mat Ishbia, president and CEO of UWM. "Our Investor Edge program helps level the playing field by giving investors alternative options to an all-cash transaction. The launch of Investor Edge is yet another innovative product that helps our partners better compete in their local area markets."
Similar to commercial financing, Investor Edge has no requirement for personal income verification, basing its debt-to-income ratio calculation solely on the proposed cash flow for the subject property.
The program also allows an unlimited number of financed properties, with loan amounts ranging from $75,000 to $1 million. Additional features and requirements can be found at UWM's website.
Interested partners can log into UWM's EASE Web portal to run product eligibility and pricing on borrowers that are a good fit for the new program. It can also be accessed through UWM's UMobile application, available on iOS and Android devices.