Interfirst Mortgage Company, a private equity-backed mortgage originator, has launched ONE, a new loan program backed by non-owner occupied properties.
Designed to fill a significant need in the market for multi-property, non-owner professional real estate investors, Interfirst says ONE is a unique mortgage loan program built upon a single interest rate with no adjustments and qualifies off the cash flow of the rental property.
ONE is the first loan program to launch as part of Interfirst’s Independence Series of mortgage loan programs. Additional loan programs will be launched in 2021.
“We are excited to announce ONE and provide professional real estate investors with a solution independent of the government,” said chief strategy officer, Bryan Filkey. “Currently, Mortgage Brokers have to navigate rate sheets to price a loan. This process often requires time and expertise to perfect, and in many cases is outsourced to a pricing engine, due to hundreds of potential adjustments which change as the loan parameters change. With the ONE DSCR program, Mortgage Brokers can spend less time decoding rates and more time helping clients build their business and expand their investment footprint. How? ONE has no adjustments to the interest rate (or price) during the loan process. ONE simplifies the loan process by giving investors what they need to make decisions quickly and easily and the rate won’t change regardless of what happens to the scenario.”
Interfirst pointed out that Fannie Mae and Freddie Mac are reducing their footprint in non-owner occupied properties due to an amendment that caps investment property acquisitions at 7%.
ONE is a privately backed loan program, independent of the government, and offers an innovative solution for professional real estate investors.