Logan Finance Corporation

Basic information

QM program

N/A

Loss payee

Shellpoint Mortgage Servicing, ISAOA/ATIMA P.O. Box 7050 Troy, MI 48007-7050

CPL or subordinate clause

Logan Finance Corporation, ISAOA/ATIMA 1393 Veterans Memorial Highway, Suite 308N Hauppauge, NY 11788

Lock policies & fees

Lock policies

Lock extension

Yes, Only 1.5 BPS per day in price.

Relock

N/A

Lock & Shop

No

Lender's niche & overlays

Lender's niche

$300+ Million a month in NON-QM ONLY volume- we sell direct to our parent by Neuberger Berman, half a trillion in asset management. 

• What States is Logan lending NonQM in?
• For NOO business purpose loans, we are now in ALL STATES
• For Consumer purpose TRID OO and 2^nd homes ALL STATES except  Massachusetts, New Hampshire,  & New York 

 What is Logan lending on?

• Consumer Purpose
• 1-4 units OO (Full/ Alt Doc)
• 2^nd Homes; including for Foreign Nationals (Full/Alt Doc)
• Business Purpose
• 1–4-unit investments;  including for Foreign Nationals (Full/Alt Doc or DSCR)
• 5-8 Residential (DSCR Only)

 What are Logan’s income documentation types?

• Full Doc
• Alt Doc (Bank Statement, P&L, 1099, Asset Qualification)
• DSCR
• 
  
• What property types does Logan finance?
• SFR (NO manufactured homes)
• Townhome/Pud
• Condo Warrantable and Non-Warrantable
• Multi- Family Apartment and Condo complexes <=8 units 

• What occupancy types does Logan lend on?
• OO
• NOO

What are Logan’s NICHES?

 I was the 1^st rep to build Logan and with 20+yrs in the mortgage lending space structuring deals.

• We are Top 3 NonQm Lender Month over month based on volume.
• 5-8 Units
• Interest only option products for clients
• TRID (Owner Occ) and Non-TRID Loans (Investment Only)
• Non-warrantable condos
• 1 yr. or 12 mo. income calculation
• Non-occupant co-borrowers allowed
• LLCs or Corporation vesting allowed (Investment Only)
• Over conforming balances with credit events <7, >2 years
• Gifts permitted for down payment and closing cost even on investment properties
• Cash-out proceeds can be used as reserves on most programs
• Escrow Waiver
• No Cash out limits <=60% LTV...our clients have pulled out millions in equity!!!
• First time homebuyer is ok!
• First time investor is ok!
• Allow for 0x30x6 and 1x30x12 for housing on most programs
• Unlimited financed properties allowed
• Seasoning!!!
• R/T Refinance out of hard money NEXT DAY with new value
• Cash out – We ROCK as we are Only 6month seasoning to use new appraised value

We are direct to a parent company and make exception on approx 33% of our NonQm loans we close.

Lender's overlays

Logan no longer accepts submissions and/or locks for investment Property loans located in Baltimore City, MD

Lender turn time

Initial underwrite (days)

1

CTC conditions review (days)

1

Initial CD (days)

1

Reviews