Warehouse One is a New Jersey based company that only offers warehouse lending services for people who are making the transition from mortgage brokerage to mortgage banking. They provide warehouse facility services for any mortgage originator that fits into the following criteria:
- Someone seeking their first warehouse facility
- Someone making the transition from mortgage broker to mortgage banker
- Someone seeking additional warehouse capacity
- Someone seeking diversification in warehouse facilities providers
- Someone who requires warehouse facilities of up to $15 million
- Someone who requires larger, syndicated facilities for the aggregation of loans for pooling or securitization
Types of Warehouses Warehouse One, Inc. Offers
- Pilot—This facility holds up to $1.5 million. The advance rate for this size is 98%. Same day funding is available on this type of warehouse. Maximum dwelling time is 45 days.
- Premiere—This facility holds up to $10 million. The advance rate for this size is 98%. Same day funding is available on this type of warehouse. Maximum dwelling time is 75 days.
- Preferred—This facility holds $5 million or more. The advance rate for this size is 100%. Same day funding is available on this type of warehouse. Maximum dwelling time is 90 days.
More About Warehouse One Inc.
This is the procedure you will follow once you are approved for a warehouse.
- Submit a pre-funding package
- The funds are sent to the settlement agent, once approved
- The mortgage loan is closed
- You post close the mortgage loan
- You ship the credit package to your investor and Warehouse One ships the note
- Warehouse One completes the endorsement as per your instructions
- The Warehouse subtracts all the fees due to them. The balance is transferred to your bank account.
- The warehouse is ready to fund other loans