The Silver Hill Friendly FICO Commercial Loan Program: What You Need to Know

The Silver Hill Friendly FICO Program: What You Need to Know

The Silver Hill Friendly FICO Program: What You Need to Know

Friendly FICO Program

Silver Hill Funding, LLC is excited to announce a new suite of alternative commercial mortgage programs – each one designed to help you close more loans and grow your commercial business.

We know you’re busy, so we’re going to skip the small talk and get straight to the main points you need to know as a commercial loan originator.  As always, be sure to reach out to a Silver Hill Regional Manager today with any questions you may have.

What is it?

The Silver Hill Friendly FICO Program is our solution for commercial real estate investors and small business owners with challenged credit.  Thanks to this new program, you can secure a Silver Hill loan for clients with FICO scores as low as 600!

If you’ve enjoyed doing business with Silver Hill in the past, this update is great news.  Now you can partner with our team on a much wider range of small-balance commercial scenarios.

Why is it needed in today’s market?

Many prospective borrowers, especially those who are self-employed, struggle with their credit scores.  Bankruptcies or foreclosures in the past can still haunt these professionals long after their business rebounds.  This can make it very difficult to secure mortgage financing.

In fact, commercial borrowers with challenged credit regularly feel as though they can only work with hard money/private lenders.  While these types of lenders do provide a valuable service for borrowers in certain circumstances, most would prefer not to pay a hard money interest rate if at all possible.

These borrowers are looking for an alternative solution helps them accomplish more of their financial goals.

How does it work?

Here is a quick breakdown of the Friendly FICO Program’s options and terms:

Loan Amounts Up to $1 million
Rates Starts at 9%
Min FICO 600
Terms 5, 7, and 10-year hybrid
Max LTV 60%
Amortization 15, 20, 25, 30
Occupancy Investor and owner-occupied
Property Types All eligible properties

 

As you can see, this is a small-balance commercial program will make sense for those borrowers whose credit score falls just outside the acceptable number for many traditional lenders.

How can you use it to close more loans?

Our Friendly FICO Program creates more opportunities for investors and business owners with challenged credit scores to secure a flexible, long-term financing solution.

But borrowers are not the only ones with more opportunity for success.  By adding this program to your product offering, you can now tap into a larger pool of potential clients and business partners.

If you have recently worked with borrowers with credit scores between 649 and 600 who balked at the prospect of paying hard money rates, you may have an opportunity to circle back and connect them with the Friendly FICO Program.

You can also adjust your messaging to include “challenged credit” as a hurdle you can overcome as a mortgage professional.

When can you get started?

If you have clients who may be a strong fit for our new program, you can get started right now!  Simply reach out to your Silver Hill Regional Manager today to discuss your scenarios.

You can also fill out our contact form here.  One of our commercial mortgage experts will then reach out to you and answer any questions you may have.

Christina Sanchez

Silver Hill Funding

Designed & Developed by Figment Design