Mega Capital Funding is the newest addition to the roster of companies that have resumed their non-QM operations. The firm recently launched a line-up of new products catered to non-QM borrowers, according to a Press release.
The product offerings feature alternative income documentation products including three- and 12-month bank statement products, CPA and borrower-prepared P&L and asset utilization. Additionally, it includes Mega Capital’s investment properties debt service coverage ratio with 1:1 and no ratio options.
Mega Capital Funding CEO Brian Na, along with non-QM experts Rikki Danganan and Will Fisher will lead the new offering.
“With our initial proprietary product offering we’ve set out to focus on a specific segment of non-QM, that will allow our brokers to provide enhanced solutions and our capital partners to achieve their yield goals,” Na said.
Mega Capital was one of the many lenders that pulled out of the non-QM market during the onset of the coronavirus pandemic in March. The firm suspended financing for any non-QM loan without signed documents, promising to resume operations when “market stability returns.” Due to a strong purchase loan market and slowing agency refinancing activity, experts anticipate non-QM issuance volumes to bounce back to pre-COVID levels this year, reaching an estimated $25 billion.