Newfi Now Offering Business Purpose Loans on Sequoia Investor Pro on a Non-TRID Basis

Newfi continues to innovate! Ask your account executive about Business Purpose Loans through our Investor Pro series.

What is a Business Purpose loan?

  • Loan is intended solely for business purpose – lower interest rate, purchase new investment property
  • Not intended for personal, family or household purposes – any cash-out must be applied solely for business purpose.
  • 1-4 unit investment properties are allowable collateral.
  • Also referred to as a “DSCR (Debt Service Coverage Ratio) loan – qualifies off the cash flow of the subject property.
  • Not subject to TRID regulations.

What a Newfi Business Purpose means for you.

Newfi will…

  • Issue initial disclosures, including a Loan Estimate, within 3 business days of the application date
  • Issue the closing docs package, including a Closing Disclosure, when loan/borrower is ready for closing
  • Follow the 3-day appraisal receipt/acknowledgement wait period before closing

Newfi will not…

  • Follow TRID waiting periods
  • Issue Redisclosures for CiC (Change in Circumstance) events
  • Issue an Initial Closing Disclosure