New Penn launches qualification with liquid assets

New Penn Financial has launched a new product allowing borrowers to qualify with liquid assets.

SmartFunds is a non-QM product and part of the lender’s SMART Loan series and is open to borrowers with enough eligible assets to cover their total monthly obligations over five years, plus reserve requirements.

“SmartFunds appeals to well-qualified, high-liquidity borrowers who may have complex income or employment situations that would slow the approval process for a conventional loan,” said Lisa Schreiber, SVP Correspondent Division of New Penn Financial. “This product allows for a straightforward, efficient loan process for buyers who meet clear qualifying-asset requirements.”

Loans are available for up to $3 million with a maximum LTV of 90% and are available for primary and secondary residences. However, non-owner-occupied properties are not eligible.

New Penn Financial’s SMART Loan series now comprises six products including loans for non-warrantable condos, for investors with multiple properties, and for those with derogatory credit.