Logan Finance Corp. announced Monday that it has launched a new premium tier within its Open Road product series aimed at borrowers seeking higher loan amounts than those typically offered through conventional or standard non-QM programs.
The new offering, called Open Road Elevated, provides loan amounts of up to $5 million across four programs designed for high net worth borrowers, including self-employed individuals and real estate investors.
“There has been a hole in the marketplace for several years that needed to be corrected. We have been working on this program with our sales team and investors for a long time,” Don Pace, CEO of Logan Finance, said in a statement.
“Open Road Elevated gives our broker partners the tools to serve their high-net-worth customers at the level they expect, with loan amounts and qualification pathways that match the scale of their actual financing needs. Logan is very excited to get this product launched and out into the hands of our broker partners.”
The company said demand for high-balance non-QM products has increased as more borrowers with complex financial profiles seek financing options outside traditional underwriting standards.
Open Road Elevated includes four lending programs. The Full Doc (Roam) option offers loans up to $5 million for borrowers with strong credit and documented income. The Bank Statement (Overland) program provides loans up to $5 million using 12 or 24 months of business, personal or combined bank statements to reflect cash flow for self-employed borrowers.
The Asset Qualification (Beyond) program allows borrowers to qualify for loans up to $5 million using a 120-month asset depletion rate that converts liquid assets into qualifying income.
And the debt-service-coverage ratio (Autobahn) option provides loans of up to $4.5 million for investor and business-purpose properties. It requires a minimum DSCR of 1.25 and offers flexible one- to five-year prepayment options.
“Open Road Elevated is a direct response to what our broker partners have been asking for. There is a significant and underserved segment of borrowers who have the credit, the assets, and the cash flow to support a large loan, but simply don’t fit the conventional mold,” said Bobby Love, president and chief financial officer at Logan Finance.
“This tier gives our partners a credible, well-structured solution to bring back to their customers with confidence. That’s what the Logan Experience is all about.”
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