Charter Bank Specialty Lending Group

About Our Loan Products

We offer Hard Money, non conforming, sub-prime loans to borrowers who are having severe credit problems. Charter Bank Specialty Lending has one product, a fully-amortizing 2/28 ARM that is available with an interest-only option. We only offer wholesale table funded loans through the mortgage broker; we do not originate loans directly with borrowers.

Our typical borrower is either in Chapter 13, is facing foreclosure or has recently had a foreclosure. We have designed our products to permit borrowers who have equity in their property to be able to get out of bankruptcy, save a home from foreclosure, purchase a home having just faced foreclosure, or refinance their existing mortgage to clean up their credit. This type lending is typically known as "hard money" or "hard equity" lending.

We also handle special cases that do not normally fit conventional underwriting requirements. These borrowers fall into several categories: an investor or a builder who needs fast money or owns too many properties; a borrower who will receive a gift of equity from a relative; cases of high DTI, but O.K. credit; sellers who offer to hold a second mortgage; couples in the middle of a divorce who need cash to settle – as we allow CLTV up to 100% (we do not offer second deed of trust loans).

The term "hard equity" means that we base the loan on the equity in the property and limit our LTV's accordingly. To be able to make this type loan, it is absolutely mandatory for Charter Bank Specialty Lending to understand the true value of the property and we do this by having stringent appraisal requirements along with reviews, as necessary. The value must be supported by a clean title, which often requires settling old tax liens or judgments.

While we offer stated income/stated asset programs, Charter is unique in one aspect of its "specialty lending" programs – we mandate that the borrower has a reasonable likelihood of being able to repay the loan, and that a true "borrower benefit" exists.

Charter Bank Specialty Lending's focus is on service and simplicity…
The Specialty Lending Group's managers each have over 25 years of related mortgage lending experience.

The account executives you deal in the Specialty Lending Group are very experienced professionals who can answer any question you have about equity-based lending, often telling you whether a loan qualifies while you are on the phone with them.

To that end, we combine the strength of the Bank with the expertise of the Specialty Lending Group operations department to ensure

One day conditional underwriting approval
Fast closings
Reduced documentation
Competitive rates
No lender fees

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