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Athas Capital Group, Calabasas Hills, Calif., has launched a wholesale subprime residential mortgage program, and it is on the verge of rolling out what it calls version 2.0.
Right now the program is available to mortgage brokers in California, Arizona, Oregon, Idaho, Colorado, Utah and Texas.
While the rate sheet shows that loans are available in amounts from $100,000 to $750,000, the loan-to-value ratio is 70% for borrowers with a 550 Fair Isaac & Co. credit score.
The updated version, said company chief executive officer Brian O'Shaughnessy, will have higher loan-to-value ratios, up to 80%.
Athas' background is as a hard money lender and that program is willing to lend to borrowers whose Fair Isaac...