Trevor Cole Commercial Corp., Inc., specializes in providing small businesses and corporations a wide range of money-lending solutions, including non-conforming loans. Based in New York, New York, Trevor Cole Commercial Corp. serves clients throughout the United States.
Certain criteria qualify a potential borrower for an advance when applying for a loan at a bank. If they meet the criteria, which is outlined by government-sponsored agencies, they will secure what’s called a conforming loan.
If they do not meet those loan standards, another lending option includes what’s called a non-conforming loan. Typically granted by institutions that are not banks, non-conforming loans allow for individuals or companies with poor credit to obtain capital for the homes or projects.
They also enable those with excellent credit to secure capital with a higher limit, than that of conforming loans, enabling these borrowers access to greater loan amounts.
In contrast to conforming loans, non-conforming loans may not have as low of interest rates. These such loans may require underwriting guidelines that differ. However, Government-sponsored agencies do not back such loans. Moreover, may require larger down payments upfront, additional fees, and tougher underwriting rules.