Drive TPO

Basic information

QM program

N/A

Loss payee

PFN Lending Group, Inc. ISAOA 5016 North Parkway Calabasas, Suite 200 Calabasas, CA 91302

CPL or subordinate clause

PFN Lending Group, Inc. ISAOA 5016 North Parkway Calabasas, Suite 200 Calabasas, CA 91302

Lock policies & fees

Lock policies

Lock extension

Lock Cut-Off 3-4 pm pst depending on loan product. Lock extension: 5,10, or 15 days. Approx .250 per 15 days Depends on the Investor Product

Relock

Worst Case Pricing plus .250 to fee if relocked in 30 days.

Lock & Shop

No

Lender's niche & overlays

Lender's niche

DRIVE TPO — FIX & FLIP, CONSTRUCTION & NON-QM

FIX & FLIP / FIX & HOLD / GROUND-UP CONSTRUCTION

• Up to 92.5% LTC

• Loan amounts up to $4.5 million

• New and experienced investors accepted

• 12-, 18-, and 24-month terms

• Same-day LOIs available

• Light rehab through new construction

• Business-purpose investment properties only

• Leverage and eligibility vary by investor experience and project

DSCR — INVESTMENT PROPERTIES

• Up to 85% LTV

• Loans up to $4 million

• No personal income verification required

• Long-term and short-term rentals

• No-ratio options available on select programs

BANK STATEMENT — SELF-EMPLOYED BORROWERS

• Up to 90% LTV

• Loans up to $3.5 million

• 12 or 24 months of personal or business bank statements

• No CPA or expense letter required on select options

ADDITIONAL INCOME OPTIONS

• 1099 Only

• P&L

• Asset Depletion / Utilization

• Full Doc

• Owner-occupied and investment-property options

• Purchase, rate-and-term refinance, and cash-out options, depending on program

JUMBO AUS

• Loans up to $3.5 million

• Up to 85% LTV

• DTI up to 50%

BROKER SUPPORT

• Common-sense underwriting

• Corsa portal to price, submit, and track loans

• AcceleRate quick pricer

Lender's overlays

• $250,000 Minimum Loan Amount (exceptions allowed with additional 1.000 cost)
• Add 0.250 to cost for all New York loans (must be NOO in an Entity for NY)
• Investor No Prepay Pricing comes with a 7 Mo. Prepay to protect Broker Comp
• For Investment Properties vesting an Entity, all Entity Member must be individuals
• No Exception Requests on Series B2 and Series H < $1.0M
• Series B2 lock periods are 25/40/55 (not 30/45/60 as posted)
• Maximum 8 Units for Series H DSCR
• Maine, Missouri, Nebraska, New Hampshire, New York, West Virginia, Wyoming, MD are for business purpose loans, BPC only.

Lender turn time

Initial underwrite (days)

3

CTC conditions review (days)

2

Initial CD (days)

2

Reviews