Drive TPO
5016 Parkway Calabasas, Calabasas, CA 91302
https://www.drivetpo.com/
Internal Reviews
(0 reviews)
Total loans closed with Loan Factory
1
Total loans closed with Loan Factory (past 12 months)
1
Lender overview
Basic information
N/A
PFN Lending Group, Inc. ISAOA 5016 North Parkway Calabasas, Suite 200 Calabasas, CA 91302
PFN Lending Group, Inc. ISAOA 5016 North Parkway Calabasas, Suite 200 Calabasas, CA 91302
Lock policies & Fees
Lock Policies
Lock Cut-Off 3-4 pm pst depending on loan product.
Lock extension:
5,10, or 15 days. Approx .250 per 15 days Depends on the Investor Product
Worst Case Pricing plus .250 to fee if relocked in 30 days.
No
Lender's niche & Overlays
- DSCR cash out 80%
- 90% bank statements
- DSCR - no stated income up to 85% LTV
- P&L ONLY - no bank statements
- 1099 ONLY - use 90% of 1099 income
- ASSET UTILIZATION - No DTI Calculated - Reserves must = 100% of loan + 5 yrs debt
COMBINE DOC TYPES
- Combine Alt-Doc with Non-Self Employed
- Combine different types of Alt-Doc
- Combine Asset Utilization with Full Doc & Alt-Doc (Most programs)
CREDIT
○ 660 MIN FICO
○ NO TRADELINES - if Primary Borrower has all 3 Scores
○ BK & FORECLOSURE
○ USE PRIMARY EARNER SCORE
- $250,000 Minimum Loan Amount (exceptions allowed with additional 1.000 cost)
- Add 0.250 to cost for all New York loans (must be NOO in an Entity for NY)
- Investor No Prepay Pricing comes with a 7 Mo. Prepay to protect Broker Comp
- For Investment Properties vesting an Entity, all Entity Member must be individuals
- No Exception Requests on Series B2 and Series H < $1.0M
- Series B2 lock periods are 25/40/55 (not 30/45/60 as posted)
- Maximum 8 Units for Series H DSCR
- Maine, Missouri, Nebraska, New Hampshire, New York, West Virginia, Wyoming, MD are for business purpose loans, BPC only.
Lender turn time
3
2
2
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