Logan Finance Corporation

Logan Finance Corporation

1393 Veterans Memorial Highway, Hauppauge, NY 11788

https://www.loganfinance.com/

Internal Reviews

(3 reviews)

Total loans closed with Loan Factory
23

Total loans closed with Loan Factory (past 12 months)
2

Lender overview

Basic information

N/A

Shellpoint Mortgage Servicing, ISAOA/ATIMA P.O. Box 7050 Troy, MI 48007-7050

Logan Finance Corporation, ISAOA/ATIMA 1393 Veterans Memorial Highway, Suite 308N Hauppauge, NY 11788

Lock policies & Fees

Lock Policies

Yes, Only 1.5 BPS per day in price.

N/A

No

Lender's niche & Overlays

$300+ Million a month in NON-QM ONLY volume- we sell direct to our parent by Neuberger Berman, half a trillion in asset management. 

  • What States is Logan lending NonQM in?
    • For NOO business purpose loans, we are now in ALL STATES
    • For Consumer purpose TRID OO and 2nd homes ALL STATES except  Massachusetts, New Hampshire,  & New York 

 What is Logan lending on?

    • Consumer Purpose
      • 1-4 units OO (Full/ Alt Doc)
      • 2nd Homes; including for Foreign Nationals (Full/Alt Doc)
    • Business Purpose
      • 1–4-unit investments;  including for Foreign Nationals (Full/Alt Doc or DSCR)
      • 5-8 Residential (DSCR Only)

 What are Logan’s income documentation types?

    • Full Doc
    • Alt Doc (Bank Statement, P&L, 1099, Asset Qualification)
    • DSCR

  • What property types does Logan finance?
    • SFR (NO manufactured homes)
    • Townhome/Pud
    • Condo Warrantable and Non-Warrantable
    • Multi- Family Apartment and Condo complexes <=8 units 
  • What occupancy types does Logan lend on?
    • OO
    • NOO

What are Logan’s NICHES?

 I was the 1st rep to build Logan and with 20+yrs in the mortgage lending space structuring deals.

    • We are Top 3 NonQm Lender Month over month based on volume.
    • 5-8 Units
    • Interest only option products for clients
    • TRID (Owner Occ) and Non-TRID Loans (Investment Only)
    • Non-warrantable condos
    • 1 yr. or 12 mo. income calculation
    • Non-occupant co-borrowers allowed
    • LLCs or Corporation vesting allowed (Investment Only)
    • Over conforming balances with credit events <7, >2 years
    • Gifts permitted for down payment and closing cost even on investment properties
    • Cash-out proceeds can be used as reserves on most programs
    • Escrow Waiver
    • No Cash out limits <=60% LTV...our clients have pulled out millions in equity!!!
    • First time homebuyer is ok!
    • First time investor is ok!
    • Allow for 0x30x6 and 1x30x12 for housing on most programs
    • Unlimited financed properties allowed
    • Seasoning!!!
      • R/T Refinance out of hard money NEXT DAY with new value
      • Cash out – We ROCK as we are Only 6month seasoning to use new appraised value

We are direct to a parent company and make exception on approx 33% of our NonQm loans we close.

No overlays. 

Lender turn time

1

1

1

Review - Logan Finance Corporation

4.7

3 Google Reviews

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