MIAMI, Feb. 21, 2017 /PRNewswire/ -- Today, BurkeyLoan Inc. announced its long awaited BurkeyLoan Mortgage launch that will include a 120% LTV (Loan-To-Value) mortgage product that funds a home purchase and pays off the borrower's student loans.
BurkeyLoan Inc. is a portfolio mortgage lender that will issue, hold and service BurkeyLoan mortgages. The 120% LTV mortgage product allows millennials burdened with the challenge of saving for a home down payment while paying off or reducing student loan debt to move forward and buy a home. Company Chairman and CEO, John Burkey, says, "After considerable research, review and analysis, we needed to build an access to capital product for the millennial generation." Mr. Burkey further stated, "Many millennials feel they are on a financial treadmill, making every effort to pay off student loans and save for a home while interest rates and home prices escalate. Our mortgage product offers features and benefits that support the needs of the millennial generation. The company will utilize sound conservative underwriting that incorporates borrower credit, character, skin-in-the-game and risk mitigation."
The unique method, process and structure of the Company's mortgage portfolio allows it to define and better isolate the different risk characteristics of a mortgage loan. The structure also allows the Company to tap into the one of the largest generational transfers of wealth between the Baby Boomer and Millennial Generations. Often many baby boomers (parents, relatives and others) want to help millennials, but aside from paying off student loans, they find it difficult to participate or help without impacting their own investment income portfolios.
The Company believes that once a borrower has met the quantitative underwriting and skin-in-the-game (down payment) hurdles, it is often friends and family who can best attest to the borrower's character. Accordingly, the 120% LTV Mortgage product will allow related parties to participate in a borrower's mortgage loan without disrupting their own investment portfolios. A benefit of this relationship creates access to capital, lower rates and an ability for borrowers to move forward.
Related to the 120% LTV Mortgage product is a feature that allows for loan portability. In an effort to enhance borrower mobility, the BurkeyLoan portability feature allows borrowers to carry the over 100% LTV component of loan to their next house.
In an earlier announced Affiliate Partner Program, the company is clarifying that in addition to independent mortgage brokers, the program is available to community, regional and other banks, as well as credit unions that broker residential mortgages.
The BurkeyLoan mortgage application process is automated and offers a transparent disintermediation approach to mortgage and lifecycle lending.
About BurkeyLoan Inc.
BurkeyLoan Inc., a Burkey Capital LLC sponsored company, is a financial service company that is committed to transforming the residential mortgage market and building a new housing finance system. The Company will originate loans directly through affiliate partners and hold the resulting whole loans in its investment funds. The Company makes available a spectrum of investment profiles and encourages institutions, investment managers and professional advisors to explore the opportunities.
John Burkey, CEO
BurkeyLoan Inc (http://www.burkeyloan.com)
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SOURCE BurkeyLoan Inc.