Lead Plus Wholesale Lending/ Summit Funding
2135 Butano Drive, Ste. 150, Sacramento, CA 95825
https://www.leadpluswholesale.com/
Internal Reviews
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Total loans closed with Loan Factory
17,923
Total loans closed with Loan Factory (past 12 months)
14,516
Lender overview
Basic information
Summit Funding Inc. DBA Lead+ Wholesale Lending, ISAOA PO BOX 15768, SACRAMENTO, CA 95852
Summit Funding Inc. DBA Lead+ Wholesale Lending, ISAOA PO BOX 15768, SACRAMENTO, CA 95852.
Lock policies & Fees
Lock Policies
It is policy to close loans prior to their lock expiration dates, with the understanding that for a variety of reasons, loans will not always close during the original lock- in period. All lock extension must be requested through TPO Connect as soon as possible, and by lock expiration date. (Note: Our cut off time for all Lock extensions to be process same day is 3:00 PM PST.) •Secondary will allow the loan to be extended for of the following time periods and fees: 5 days at .15 hit (Available only in 5 day increments up to 10 days)
The rate and price for the re-lock will be the worst of pricing between the original lock date and the relock date. The new lock term will be a 15-day lock period. •If the lock has been cancelled for at least 60 days, the loan may be re-locked at current market pricing. •If the loan is re-locked within 60 days of the cancellation date, the loan is re-locked using worst case pricing and a .25% re-lock fee will be charged.
Lender's niche & Overlays
Use Crypto for Down Payment and Closing
Rural DSCR available
Up to 10 Unit DSCR, also for Foreign National
AirDNA Option for STR
Super Jumbo, Above $3mil in varying products
75% LTV for Foreign National, including FL
Use 680 to qualify Foreign National (great pricing!)
Mixed Use
80% LTV Cash Out to $2mil for BS and P&L/Full Doc
DSCR down to 640 Mid Fico
Bank Statement and Full Doc down to 620
Condotels down to 400 sq. ft
DSCR Cash Out available on no ratio and ratios of .75-1.00
2nd Mortgages
680 minimum score
Lender turn time
2
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1
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