Super Jumbo Loans

Wimberly Funding has consolidated valuable resources that provide financing for a select niche of borrower. Our goal is to zero in and get your deal closed and funded. As a borrower or broker, you may have wasted a lot of time looking for financing or maybe you just don’t have the time to weed through your options. With the financing world ever changing the environment is cluttered with financing options that don’t have real value, or the ability to follow through all the way to getting you closed. Our programs only cater to the high-net-worth client. These clients may have value or appraisal issues or may not show income on their personal tax returns.

Luxury residential property, investment property, or financial image.

Jumbo Loans or Jumbo Mortgages are those that exceed the conforming limits of Fannie – Mae and Freddie Mac, which are currently set at $832,750 – If you have a loan above this amount your loan is considered a Jumbo or Non – Conforming Mortgage – also, if your loan exceeds $2M or more your loan is considered a Super Jumbo Loan or Super Jumbo Mortgage.

The down payment on a Jumbo Loan is 20%, depending on the borrower’s credit scores, debt to income ratios, amount of liquid reserves and other factors. Jumbo loans carry a higher risk than conforming loans for two reasons (1). There is no secondary market for these loans like Fannie – Mae and Freddie Mac. (2). It’s about spreading risk – a bank can make several smaller conforming loans versus one Jumbo loan thereby there is more inherent risk in making one large loan versus several smaller loans.

With a Jumbo Loan a borrower must have a higher – credit score, a lower debt to income ratio, put more money into the down – payment and have more money in liquid reserves after closing.

Super Jumbo Loans or Super Jumbo Mortgages are those that exceed $2M and up – because of the increased risks the down – payment requirements are higher. With a higher loan amount there is more overall inherent risk to the investor. One way to reduce the risk and still make Super Jumbo Loans is to reduce the maximum allowable loan to value or (LTV) – this will result in some cases a client having to put 25% to 50% down payment.

Another way that investors can offset risk and still make Super Jumbo Loans is to have a higher interest – rate. Thus, as your loan amount goes up you can expect to pay a higher – interest – rate than you would on a Conforming Mortgage or Jumbo Loan.

With a Super Jumbo Loan or Super Jumbo Mortgage, a borrower must have a higher – credit score, a lower debt income ratio, put more money into a down payment, and have more money in liquid reserves after closing – in most cases the investor will require two appraisals.

The High Lights of The Programs That We Offer Are as Follows:

√ We can offset appraised value issues by creating synthetic LTV to get the value we need or 100% or more, of the property value.

√ We can annuitize cash reserves to synthetically create income to qualify.

√ We can cross-collate collateralize and lend against stock accounts and other securities at rates starting at 1.75% interest only for any term.

√ We can offer a business line of credit and or combine that with a mortgage and asset-based loans.

√ We can cross collateralize or provide a standalone loan on personal property such as fine art or jewelry.

√ Close in the name of a trust or LLC.

√ Products offered in all fifty states.

√ Products are offered in most International Markets

√ Foreign Nationals are eligible for financing

√ Loans for high-net-worth borrowers that don’t fit the conventional guidelines.

√ Loan terms we offer are 3yr, 5yr, 7yr, 10yr, 15yr, 20yr, 30yr and LIBOR plus products, all offered as interest only or fixed.

√ Loans for borrowers with property that has a high LTV or reduced value.

√ Revolving Private Banking relationship for future business or personal lines of credit.

√ No upfront costs of any kind until the day you close with a top private international bank.

√ A Loan May Be Underwritten As A Bridge Loan – the Borrower will not have to show income or personal financials to Qualify.

√ A Super Jumbo Bridge Loan Can Close and Fund in Days, not Weeks or Months – the loan is underwritten against the property’s value – not the borrower’s income, tax returns, or employment history.

√ A Super Jumbo Bridge Loan is a little more expensive than a Traditional Super Jumbo loan, but you get speed and certainty, also timing is the most import thing here, not rate.

√ A borrower can get a Super Jumbo Bridge even if they are not citizen or resident of the country where the property is located – Cross – border asset based lending is specifically structured for foreign nationals, expats, and non – resident owners

√ Super Jumbo Bridge Lenders will do 70% to 80% LTV.

In Order to Properly Vet A Borrower and Transaction, We Would Need to Know the Following:

As a high-net-worth borrower, we will evaluate your profile and gather the relevant material for submission. We are able to refer you into our investment banking relationships and get a private banker assigned to your file after a prelim review of your profile. To start we will need you to complete the 1003 form. If approved, we will start dialog and what is known as the KYC process (Know Your Client). We will collect the information on your last 2 years personal and business income, bank and brokerage statements, credit and purchase agreement or appraisal if available. At this point our investment bankers will be invited to review your profile only, and none of your material leaves our office. Once we have the prelim approval, we will be able to start processing. If you have any questions prior to sending the 1003 form …. feel free to email or call. Please Note – this product is only offered to clients that are looking to either purchase or refinance non-owner-occupied investment properties only.