Non-Prime and/or Subprime is a term for loan types that do not fit into the restraints of government lending standards known as Prime, Agency, or A-Paper Lending and defined as Qualified Mortgages.
Subprime loans also known as temporary or fixer loans, for borrowers who are on their way to Prime but need a little help before they qualify. Subprime loans characteristically are made to borrowers who have had a past credit event or events in the form of Foreclosure(s), Bankruptcy(ies), Short Sale(s), late payment(s), collection(s), charge-off(s), etc. Additionally a borrower seeking a Subprime loan can use alternative documentation to qualify in form of Bank Statements, Liquid assets, and other forms of income not typically accepted by government lending criteria. Subprime loans usually have increased rates of interest and costs for providing access to capital while providing the ability to participate in the economy and housing market. Subprime loans should only be looked at as a temporary solution to an immediate need.
At HBS Finance we realize not everyone has perfect credit and we understand life happens. Additionally not everyone can document their income in the narrow definition that government loans allow. HBS Finance allows borrowers with a rougher than usual credit history to qualify for loans with terms that are fair and meet government lending criteria for Ability-to-Repay and government fee limitations.
Residential Mortgage Loans
• 1 Day out of foreclosure, short sale, deed-in-lieu, bankruptcy
• Up to 80% LTV; up to 50% DTI
• Combo loans up to 90% CLTV
• Credit scores as low as 500 (including jumbo loans)
• Mortgage lates last 12 months OK
• Non-warrantable condos OK
• 100% gift funds allowed
• Foreign National program up to 75% LTV
• No prepayment penalty
• Bank statement program for self-employed borrowers
• No maximum properties financed – can close in LLC
• Investment property can use subject cash flow for income
• Asset depletion available – can use assets for income
• Loans up to $2,000,000
Commercial Real Estate Loans
• Financing for old, odd & ugly ‘C-Class’ commercial properties
• Loan Amounts $50,000 to $2,000,000
• Fixed Rate
• Non-Recourse
• No Exit Fees
• Interest Only
• No Minimum FICO Credit Score
• No Minimum DSCR
• No Prepayment Penalty
• No Upfront Fees
• Land Financing Available
Small Business Loans
• No Collateral Required on Business Loans
• The Most Competitive Rates
• Flexible Repayment Structure
• No Application Costs
• Various Bad Credit Financing Options
• Funds Deposited In Your Bank Quickly
Eligible States:
Arizona, California, Colorado, Florida, Georgia, Hawaii, Idaho, Nevada, Oregon, Texas, Washington
– Minimum population is generally 25,000 unless the town is within 25 miles of a city of 100,000 population.