The first step to growing your mortgage business with Silver Hill is knowing which deals fit (and don’t fit!) with our guidelines.
Here you’ll get an inside look at the types of scenarios we see from brokers every day. You’ll also learn how you can win big (like $50K big) when you partner with Silver Hill on your commercial and Single Family/2-4-unit deals.
- Closed Loan: YSP for the Win
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Closed Loan in North Baldwin, NY Property Type: Automotive Purpose: Cash Out Loan Amount: $752,500 LTV: 70% Term: 30-Year-Fixed Broker Made: $48,000.60 |
The borrower’s story: This small-business owner needed to cash out on his auto repair shop in North Baldwin, New York. The problem? Self-employed borrowers in this position often struggle to secure bank financing due to strict income documentation requirements.
That’s where Silver Hill was able to help.
Thanks to our Bank Statement Program, this investor was able to qualify for a 30-Year Fixed loan by simply providing 12 months of business bank statements as proof of income. No tax returns needed here!
The broker’s story: In this case, the mortgage pro took advantage of Silver Hill’s broker compensation structure and earned 5 points (3 in origination, 2 in YSP) and had a generous pay day of nearly $50K.
- Closed Loan: An Alternative Solution for 1-4-unit Investors
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Closed Loan in Davenport, FL Property Type: Single Family Purpose: Purchase Loan Amount: $502,500 LTV: 75% Term: 30-Year Fixed Broker Made: $15,075 |
The borrower’s story: This seasoned investor was looking to buy another single family investment property in Davenport, Florida, but wanted to avoid traditional lenders because of their strict documentation requirements with tax returns and income tests. That’s where Silver Hill was able to help.
Thanks to our DSCR-based alternative solution, we were able to perform a commercial underwrite and examine the property’s cash flow instead of the borrower’s personal income, allowing the borrower to easily qualify for a loan and secure a purchase with a 30-Year Fixed rate term.
The broker’s story: The loan officer in this scenario was able to feel confident their deal would close with our DSCR 1-4-unit solution and locked in over $10,000 in his pocket.
- Closed Loan: Free Point = More Success
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Closed Loan in Bay Shore, NY Property Type: Office Purpose: Refinance Loan Amount: $420,000 LTV: 68.85% Term: 30-Year Fixed Broker Made: $16,800 |
The borrower’s story: This small-business owner wanted to refinance his office in Bay Shore, New York, but wanted some flexibility with his documentation requirements. Instead of going with a traditional bank, they opted for Silver Hill’s reduced doc option: The No Doc Streamline Program.
With this alternative solution, the borrower was able to refinance their property with a 30-Year Fixed loan – all without providing tax returns, bank statements, and other operating statements.
The broker’s story: One of the benefits of working with Silver Hill is that you have access to our frequent offers designed to help you earn more on your deals. This particular broker took advantage of a Free Point Promo, which allowed him to make an extra $4,200 on this deal.
- Closed Loan: Retail without the Rigid Guidelines
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Closed Loan in Memphis, TN Property Type: Retail Purpose: Purchase Loan Amount: $1,260,187 LTV: 75% Term: 30-Year-Fixed Broker Made: $29,403.94 |
The borrower’s story: This credit-worthy borrower was looking to purchase retail space in Memphis, Tennessee, but needed a dash of flexibility with documentation requirements. With Silver Hill’s Lite Doc Investor Program, they were able to secure the loan without providing tax returns and still take advantage of our high LTV limits.
The broker’s story: Thanks to our Free Point Promo, this mortgage pro earned an additional $12,601 on this scenario for a whopping total of nearly $30K.
- Closed Loan: A Long-Term Solution for Investment Properties
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Closed Loan in Upper Saddle River, NJ Property Type: Single Family Purpose: Purchase Loan Amount: $1,425,000 LTV: 75% Term: 30-Year-Fixed Broker Made: $42,750 |
The borrower’s story: This investor wanted to purchase a large single family home as a long-term investment property in Upper Saddle River, New York, but they needed more flexibility than a bank was willing to provide.
With Silver Hill’s DSCR Program, they were able to secure a longer loan term (30-Year Fixed) without providing tax return documentation.
The broker’s story: Thanks to Silver Hill’s 5 point broker comp structure, this brokers earned over $40K on just this one deal.
