Latest Entry in New Penn Financial’s SMART Series Lets Borrowers Qualify with Liquid Assets
September 24, 2018
PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)--National mortgage lender New Penn Financial (New Penn) today announced the launch of SmartFunds, the newest product in the company’s SMART Loan Series. SmartFunds is a non-QM loan product for borrowers with significant assets sufficient to cover the cost of loan payments and other monthly obligations. Like other loans in the SMART Series, SmartFunds is a non-QM product that provides a smooth lending experience for highly qualified borrowers who fall outside the specific requirements of traditional mortgage loans.
To qualify for a SmartFunds loan, borrowers must have enough eligible assets to cover their total monthly obligations over five years, plus reserve requirements. The loans are available in amounts up to $3 million with maximum loan-to-value of 90 percent. The funds may be used for primary residences and second homes, but not for non-owner-occupied properties.
“SmartFunds appeals to well-qualified, high-liquidity borrowers who may have complex income or employment situations that would slow the approval process for a conventional loan,” said Lisa Schreiber, SVP Correspondent Division of New Penn Financial. “This product allows for a straightforward, efficient loan process for buyers who meet clear qualifying-asset requirements.”
Headquartered in Plymouth Meeting, PA, with offices across the United States, New Penn Financial specializes in finding the right loan for every borrower. The lender offers a wide range of mortgage products that help make the dream of home ownership attainable. Visit newpennfinancial.com for product details and guidelines.
About New Penn Financial
New Penn Financial® is a leading nationwide lender that brings expertise, extremely competitive rates on a broad portfolio of mortgage products, and exceptional customer service under one roof. Founded in 2008 and licensed in 49 states, the company and its reputation have grown under the guidance of a management team with years of experience in the mortgage industry. New Penn is headquartered in Plymouth Meeting, Pennsylvania and operates offices nationwide, including a network of JV partners. New Penn is a Shellpoint Partners company and now part of the New Residential Investment Corp. family. More information is available at newpennfinancial.com.
Please direct all media inquiries to Beth Brindle at public relations firm Powers Brand Communications.
New Penn Financial
Beth Brindle, 610-644-1022