Mortgage News February 12, 2023
Expanding its portfolio, a new lending division for non-qualified mortgages has been launched by Stronghill Capital, a small-balance commercial lender.
According to the company, from a commercial lender, it is expanding to a business with a “strong non-QM, non-agency jumbo, and investor residential programs.” Also included in the said loan programs are asset depletion, bank statements, and mortgages with debt service coverage ratios of 1-4 and 5-8 units.
As part of its new executive team aimed at scaling the unit, the company has appointed as co-president industry veteran Dustin Wells, along with Matthew Brammer as wholesale and correspondent sales senior vice president, Stephanie McInturff as mortgage operations and technology senior vice president, and Ryan Zonana as secondary and investor reporting vice president.
Wells said that as they grow into the non-QM space, their purpose is clear. And with the dynamic leadership team, he looks forward to effectively enhancing Stronghill’s residential market presence. He added that as a result of this crossover, they are able to empower their industry partners by seamlessly combining the best B2B technology platform with expert advice and guidance to help them succeed.
The company’s move comes after the abrupt closing of some non-QM lenders in recent months as the current market turmoil results in the sector experiencing margin compressions and credit losses.
Stronghill CEO John Eisinger commented that their expertise in small-balance lending naturally extends into residential lending. The aim of Stronghill is to assist clients in achieving their personal and professional real estate investing objectives. As a result of Dustin’s leadership and experience, they believe they have an advantage over their competitors.
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