Newfi Lending, a growing mortgage lender and a portfolio company of global private equity firm Warburg Pincus, is expanding its lending platform and launching a portfolio lending program.
The program, called Sequoia Portfolio Plus, will provide “exceptional flexibility for mortgage brokers and their client borrowers,” the company said in a release.
Newfi currently has operations in nine states: Arizona, California, Colorado, Florida, Oregon, Pennsylvania, New Jersey, Utah, and Washington.
According to the company, it has received licensing approval for 16 additional states and plans to operate in more than 20 states by the end of this year.
And now, it will offer a portfolio lending program that will allow brokers to make loans for “creditworthy borrowers” that may have certain issues that make it difficult to qualify for conventional loans.
“We wanted to create a loan program that combines the best of jumbo and non-traditional borrowing options,” said Newfi Lending CEO Steve Abreu. “With Sequoia Portfolio Plus, we are giving brokers an option to serve more homeowners in a very tight market.”
According to the company, all underwriting and exceptions on the Sequoia program are made in-house, which gives brokers “very fast” turnaround on approvals.
The company said that the product guidelines are “expansive,” including allowing for loan amounts of up to $2 million and loan-to-value ratios up to 85% for purchase loans.
On its website, Newfi said that “all kinds” of borrowers are suitable for the program, but it’s best suited for “difficult-to-qualify” borrowers like:
- High-asset borrowers needing exceptions on credit score, LTV, or DTI
- Self-employed borrowers
- Borrowers with credit events who also have excellent credit history since event
- Real estate investors with multiple properties
- Non-warrantable condos