As a South Carolina Direct Mortgage Lender, we understand that not every client fits neatly into a traditional loan box. For specialized financing situations, unique properties, or non-standard income profiles, our in-house Portfolio Loan Programs offer the flexibility you need.
What are Portfolio Loans?
Portfolio loan programs are meant to support those who have niche home financing needs. For example, portfolio mortgage programs may be the right choice for home buyers who are also business owners and therefore are not able to provide the traditional proof of income with a standard W-2 form or pay stubs.
Featured Portfolio Loan Programs
We offer a diverse range of specialized SC Home Loans designed to solve complex scenarios:
Portfolio Adjustable-Rate Mortgage (ARM)
Looking to buy, refinance, or tap into your equity? Our exclusive Portfolio ARM options, such as the 7/6 Adjustable-Rate Mortgage, are designed with niche borrowers in mind. These programs offer a low introductory interest rate for a fixed period, allowing you to qualify for a higher priced home and enjoy lower monthly payments during the initial years.
- Lower Initial Payments: Take advantage of a lower interest rate for the first seven years compared to a traditional fixed rate mortgage.
- Higher Qualification: The lower starting rate can help you qualify for a higher priced home.
- Term Options: Choose from various ARM terms that offer lower monthly payments during the initial fixed period.
- Smart Strategy: Great for short term ownership or if you plan to move or refinance before the fixed rate period ends.
Bank Statement Loan Program
This program offers mortgage solutions for our clients who are self-employed by considering both their business and personal bank statements in lieu of W2s or regular payroll checks. With this program, you can be a consultant, real estate agent, artist, farmer, carpenter, personal advisor, or whatever it was you dreamed of as a kid, and still enjoy the benefits of home financing.
- Refinance and cash out options are available.
- Property types included: Single family residences, planned unit developments, vacation homes, and condos.
- Available for Owner Occupied, Second Home, or Investment Properties.
Asset Depletion Loan
Our Asset Depletion Loan gives home loan options to borrowers with substantial assets instead of traditional employment income. This loan benefits self-employed borrowers, retirees, or others with a significant amount of assets instead of fixed, verifiable income.
Types of assets can include:
Retirement accounts, investment accounts, money market accounts, or mutual funds, to name a few. We will use your assets to qualify you for a home loan.
Bridge Home Loan Program
With our Bridge Home Loan Program, you can buy your dream home today and sell your current home later. A bridge loan is a short-term loan that bridges the gap between buying your new home and selling your old home.
- Wait for the best offer before selling your home.
- Do not risk losing out on your dream home.
- Make a stronger purchase offer without a home sale contingency clause.
Fix & Flip Loan Program
Our Fix & Flip Loan Program offers a short-term business loan to purchase and rehab a home for real estate investors. As a private lender, we review, approve, and provide the capital to fund the business loan, helping you avoid the lengthy application and documentation required for traditional home financing.
- Short term financing, 9-month term.
- Limited documentation required.
- Interest only options available.
- Designed for investors and entrepreneurs.
Foreign National Loan
Our Foreign National Loan can help non-US citizens purchase a home in the United States. Purchasing a home in the United States is a major investment we are ready to support.
Condo Hotel Financing
Our innovative Condo Hotel Financing Program offers mortgage options for condo hotels that do not meet the traditional requirements.
Other Specialized Offerings
We continuously develop solutions for unique needs, including:
- Lot and Land Loan: Allows you to buy your lot in the location of your dreams before you build your dream house.
- Better Terms for Second Home & Investment Property Purchases: We offer lower loan level price adjustments for second home and investment property purchases, which means better terms, more savings, and greater flexibility for your financing needs.
Frequently Asked Questions
Is the interest rate higher on a Portfolio Loan?
Rates on Portfolio Loans are typically higher than rates on traditional conforming loans because they represent a greater risk to the lender due to the non-standard qualification. However, the interest rate is competitive within the non-traditional lending market and often provides the only path to homeownership for niche borrowers. We work to provide the best possible rate based on your unique financial profile.
Are Portfolio Loans only for investors?
Absolutely not. While our programs like Fix & Flip are tailored for investors, many of our portfolio products are designed for owner occupied primary residences. For example, the Bank Statement Loan is primarily used by self-employed individuals buying their family home, and the Asset Depletion Loan is often used by retirees buying a primary residence.
What does "Asset Depletion" mean?
Asset depletion is a method of calculating income for qualification purposes. Instead of verifying monthly employment income, we look at the borrower's substantial liquid assets, such as retirement and investment accounts, and calculate a sustainable monthly income by dividing the total value by the loan term. This allows borrowers who are retired or have significant assets but minimal verifiable income to qualify for a mortgage.
Can I use a Portfolio Loan to purchase a second home in South Carolina?
Yes. Many of our Portfolio Loan Programs, including our Bank Statement and Asset Depletion options, are available for the purchase of second homes, vacation homes, and investment properties throughout South Carolina, offering better terms than standard niche lenders.
How much down payment is typically required for a Portfolio Loan?
Down payment requirements for Portfolio Loans are generally higher than for government-backed loans like FHA or VA. The required amount is highly dependent on the specific program (e.g., Fix & Flip vs. Bank Statement), the property type, and your credit profile, but the required reserves are often a key factor in the final determination.
Can I refinance an existing mortgage using a Portfolio Loan?
Yes. Many of our Portfolio Loan Programs, including our Bank Statement Loan and Asset Depletion Loan, can be used for refinancing an existing mortgage. This is an excellent solution if you have experienced a change in income status, like becoming self-employed or retiring, and your current loan does not fit your financial profile when seeking a Cash Out or Rate and Term Refinance.
Do Portfolio Loans allow for exceptions for credit history?
While credit history is still reviewed, Portfolio Loans generally offer more flexibility than conventional loans. Because we underwrite these loans, we have the discretion to consider the full picture, including significant compensating factors like large asset reserves, substantial down payments, or low debt to income ratios, to offset past credit challenges.
Ready to Learn More about our Portfolio Loans for SC Homeowners?
Schedule a Consultation with us today and we'd be happy to discuss your financial goals.