Lendz Financial

Basic information

QM program

N/A

Loss payee

Reliable Holdings Manager, LLC DBA Lendz Financial ISAOA/ATIMA 888 East Las Olas Blvd Suite 301 Fort Lauderdale, FL 33301

CPL or subordinate clause

Reliable Holdings Manager, LLC DBA Lendz Financial ISAOA/ATIMA 888 East Las Olas Blvd Suite 301 Fort Lauderdale, FL 33301

Lock policies & fees

Lock policies

Lock extension

Lock cutoff time: 5 p.m. Eastern Time daily. Lock extension cost: 2 basis points per day, subject to increase soon. - The LO has two options: The loan can be locked at submission, which is facilitated by our registration team, or The LO can lock the loan directly in LendingPad at any point during the loan process.

Relock

Re-lock policy is worst-case pricing + 25bps relock fee if relocked within 75 calendar days of original expiration date, after 75 days, the loan can be re-locked at current market pricing. Expired loans can be submitted for case-by-case consideration to be relocked at current market pricing earlier than the 75-day window.

Lock & Shop

No

Lender's niche & overlays

Lender's niche

1) Easiest Foreign National Product in the Market:  NO VISA, NO REF LETTERS, NO CREDIT, NO LARGE DEPOSIT SOURCING, and can wire funds directly to closing agent from home country.  75% LTV, Loan amount to $3MM

2) 1st TIME Home Buyer DSCR:  Max 70% LTV, Min 720 FICO, Min 1.00 DSCR, Max Loan $750K, Min Loan $150K, Must take title in name of LLC.

3) TRUE 12/24 Month P&L Product:  No Business Bank statements needed, also can use PTIN to complete SE verification.   Min FICO 660, up to 85% LTV

4) CROSS COLLATERAL PRODUCT:  Minimum 3 properties required, Min DSCR of 1.2, 70% LTV with 660 FICO, and cash out to 65%.

Allow lender credit to cover both LPC and BPC.

Lender's overlays

Overlays Series 1

Overlays Series 3

Overlays Series 4

Overlays Series 5

Overlays Series 6

Lender turn time

Initial underwrite (days)

1

CTC conditions review (days)

1

Initial CD (days)

1

Reviews