Non-QM Purchase Loan for High-Rise Condominium

On behalf of an attorney, we obtained a $416,500 purchase loan for him to buy a high-rise condominium unit in the Edgewater area for him and his family.  We were able to get him approved under a non-QM loan program using 24 months of his business bank statements.  The process entailed conducting a full condominium review, and we verified that the condominium had sufficient reserves.  Ultimately, the borrower received 85% loan-to-value with a 30-year term, 5/1 ARM, and is currently paying an interest rate in the 5’s.