At Velocity Commercial Funding, we’re committed to giving you what you need to serve your clients. That’s why we’re rolling out new lower rates for experienced borrowers, higher loan caps for borrowers with less experience, and jumbo loans across the country.
Here’s what you need to know:
- Lower Rates: We’re offering lower rates across for Tier 1 and Tier 2 borrowers on high-leverage deals. For example, we’ve cut rates for Tier 1 borrowers with 80% LTV from 12% to 9.5%. Rates for clients based in California are even lower.
- Increased Exposure: For borrowers with less experience, we’re increasing aggregate exposure by doubling loan caps. Tier 3 borrowers can now have 4 loans with Velocity Commercial Funding at any given time, while Tier 4 borrowers can have 2.
- FICO Credit Score: We will now be pulling a FICO credit score on the guarantor of each loan, and their FICO score must be 550 or greater. We will pull a business-only report on the guarantor, which doesn’t have the same impact on the guarantor’s score or enquiries as a consumer report.
- Jumbo Loans: Jumbo loans up to $2 million are now available in select markets across the country. Rates range from 8% to 12% based on experience level and LTV.