Los Angeles-based Privlo, an online alternative mortgage lender, announced it is expanding into Washington to help credit worthy borrowers who struggle fitting current regulation standards by providing non-Qualified Mortgages.
This follows the lender’s announcement last week that it was moving into California to cater to the state’s growing self-employed workforce.
“There’s a gap right now between an outdated lending industry that judges you merely by tax returns and W2s, and an American workforce that is increasingly defining new and alternative career paths outside of a 9 to 5 job. Small businesses make up over 98% of all Washington businesses, which means that gap is even more pronounced in the state,” said Privlo CEO Michael Slavin.
Privlo’s focus on “complex incomes” allows them to serve people in Washington’s biggest industries, including technology, aerospace, clean tech, maritime, health and agriculture, where many are seasonal or contract-based workers locked out of homeownership.
“We’re looking for the good people slipping through the cracks, so we’re selective. I’m still surprised when we get an applicant with 700 plus credit and a healthy down payment, but not a single lender that will look past their uneven income,” said Slavin.