Insignia Mortgage Secures Funding for Complex Loans
By Rita Goldberg
Jeff Edwards | Insignia Mortgage
Although the infamous mortgage crisis occurred over ten years ago, and OC home prices have rebounded past pre-recession highs, banks and most other major lending institutions are still imposing the stringent standards devised in response to the decade old occurrence. Two years of income verification, strict loan to value guidelines, and specified debt asset ratios are the standard criteria traditionally used to grant home loans at market lending rates. While this formula may satisfy regulatory agencies, it has created limited opportunities for many qualified buyers. To address this void, Jeff Edwards, Partner of Insignia Mortgage, with offices in Beverly Hills and Corona del Mar, is ready to provide non-traditional criteria lending.
“There are many reasonable situations that create an alternative financial picture for clients who make reliable borrowers,” says Edwards. “We are adept at evaluating an applicant’s ability to make payments on the loan,” he explains, citing Insignia’s zero default record on nearly two billion dollars of loan originations since its inception six years ago. “We don’t just look at tax returns for income verification. People who are self-employed, foreign citizens, or beneficiaries of irrevocable trusts are some of the examples of loan applicants who present as solid candidates upon further inspection of their ability to make payments.”
Loan to value ratios can also skew the depiction of a borrower’s viability, according to Edwards who often uses cross collateralization to qualify clients. “It’s about looking at someone’s total net worth. We are confident that our borrowers would sell an asset before defaulting on a loan,” Edwards explains.
As long as Edwards can confirm an applicant’s ability to make the payments, he will work to secure the loan in line with the market rates, currently between three and four percent. Many of his clients present complicated loan scenarios such as 1031 exchanges, Foreign National transactions, or clients who have recently sold a company with large assets yet offer no traditional income. Insignia can even accommodate clients with a recent credit event, according to Edwards who successfully secures funding for complex loans.
Insignia is typically able to fund large mortgages, with $2 million and up loan amounts making up much of its origination portfolio. Insignia is the number one institution in the nation for multi-million dollar home mortgages and has been featured in The Wall Street Journal as the go-to source for securing super jumbo loans.
Edwards is Insignia Mortgage’s key contact as the representing Orange County broker, but his partners, Damon Germanides and Chris Furie, based in the Beverly Hills office, are available to facilitate with the requirements of additional complexities as they arise. Each partner has an average of 20 years of financial services experience ensuring a wealth of expertise behind Insignia Mortgage’s offerings.
“We are a group of team players with a get-it-done attitude,” says Edwards. “Over the long-term, real estate is still the best way for an individual to amass wealth and we are here to help our clients achieve that goal.”
Jeff Edwards | Insignia Mortgage 2852 East Coast Hwy, CDM, CA 949.734.7274