Private Banking
Our Private Banking program is geared toward catering to the complex financial needs of our high net worth clientele. We provide an unsurpassed level of service and response to meet the goals of our borrowers. The overall financial profile is reviewed using credit, collateral and asset in various combinations to produce creative approaches in meeting those financial goals. We would like to see the following items to determine the credit risk of each file.
Credit, 1003/1008, appraisal, income & assets, if none can be supplied we can gather the information needed with the help of the borrower.
We have the ability to provide a loan as full doc or SIVA depending on the overall assets of the borrower, we will under write using compensating factors, that is if the borrower is weak in one area such as credit we can compensate for that with another item such as additional collateral or assets.
Special Asset Monitizing programs: we also have the ability to finance borrowers using the borrower's large liquid assets, stocks, CDs, etc. generally we can lend to 75-80% of the borrower's portfolio.
Program guidelines:
Minimum loan amount $750,000 to 25,000,000 Plus we can go lower with exception
Standard guideline: Loans from $750,000 to $3,000,000 /Credit scores 620 & up / LTVs for 60-90% / and we would like to see 12 months plus in PITI reserves plus for full doc loans. For stated we would need 30% of the loan amount to meet our guidelines. All programs have exceptions in the event that your borrower does not meet the requirements. For loan amounts over 3 million we will underwrite with compensating factors, example being additional collateral or reserves. We will also require two of our appraisals supporting value prior to closing.
We do require appraisals from our inspectors nation wide, if you do not have an appraisal allow us to order it so as not to incur more cost to the borrower.
Appraisal CC form needed to secure appraisers payment in the event the borrower backs out of the loan.
Our approval will generate several program terms for the borrower to chose, generally 30yr fixed, 15 yr fixed, and several arm products.
If you have a scenario please feel free to email your scenario over for us to review.
The Process:
The process we have in place is designed for success and is very straight forward.
When a brokers submits a deal to their account rep, we will start the process by reviewing the application and borrower information. You will be notified when we intend to interview the borrower and at that point we will have a processor and underwriter that will deal directly with the borrower all the way to closing. Your contacts will be limited to your account rep and the broker update system which can be emailed for updates on your files ( Brokerupdate@harbourcoveproperties.com ) Brokers are not permitted to deal with processing or underwriting.
Conditions and appraisals are completed and reviewed by our staff, finally the fee package will be issued to the borrower with your fee and pay information to secure your fee, your deal will close and money is disbursed to you by check or wire transfer. Taking the broker out of the loop of processing is critical on several different levels. First and foremost we know our product and abilities and how they best work for borrowers and how they can be customized and what we will get an exception and what will not. It would be very unproductive to train each broker to then try to translate our programs and hope to get a deal gets done, rather you have experienced people working for you to close your deal that know the industry and how your client can fit into the private banking model. Also as the broker not familiar with the private banking or the mortgage industry we advise that you do not try to inform the borrower of any information that would mislead them, rather we would ask that you collect the initial information and allow us to structure the loan that fits the clients underlying goals.
This program is limited to brokers that we feel work well with our process, we do not take every broker that calls with a loan. We feel the private banking program is a luxury to borrowers that meet our guide lines and brokers that comply with our process.
for more questions on the process you may email Brokerupdate@harbourcoveproperties.com
Commercial Loan Programs Borrower Help!
Privateequity@harbourcoveproperties.com
New for broker updates on files submitted contact: Brokerupdate@harbourcoveproperties.com