Success Stories Archives - Insignia Mortgage

FOUR INSIGNIA BROKERS RANK WITHIN SCOTSMAN GUIDE’S TOP 25 ORIGINATORS IN COUNTRY

Posted on April 10, 2023 by Admin

Insignia Mortgage is thrilled to announce that 4 of our brokers have been ranked in the Scotsman Guide’s Top 25 Originators for 2023! In fact, co-founders, Damon Germanides and Chris Furie were ranked as #4 and #7 respectively, making 2023 their 7^th year to rank within Scotsman’s Top 10. Following suit in recognition by Scotsman are team members Romy Nourafchan and Neil Patel, who were featured on this year’s Top 25 at #20 and #24. In addition to this achievement, Chris, Damon, Romy, and Neil have the largest loans by size in the rankings. The total loan volume for the company in 2021 alone was close to $1 billion and over $850 million in 2022.

“We are honored to be included in this exclusive list of top mortgage brokers. Our ranking proves the value mortgage brokers serve even to higher-end borrowers as we help clients navigate the complexities of the mortgage loan process.”
Damon Germanides, Insignia Mortgage co-founder, in response to the 2023 Top Originator List release.

The Insignia team attributes their consistent standing on the annual Scotsman Top Mortgage Brokers List to their dedication to providing individualized lending solutions. They have unique expertise in successfully placing niche jumbo loans with local banks and credit unions.

Insignia has focused on this jumbo niche area of the market for over a decade. Damon and Chris saw a need in the marketplace to locate lenders willing to fund multi-million-dollar loans for self-employed borrowers, foreign nationals, real estate investors, and retirees. As a result, their team has helped create customized loan programs with their lending sources to meet this need. They have also created industry resources like their Insignia Mortgage App to help improve the loan process for everyone involved. Their commitment to innovation continues to elevate the jumbo loan experience for clients and brokers.

2023 marks the 7th year in a row that Insignia’s team has had the honor of ranking within the Top 50 on this list. View the full Top Mortgage Brokers List under The Scotsman Guide’s Top Originators 2023 here.

Cash-out Refinance Little Holmby To Pay-off IRS Tax Lien

Posted on October 29, 2019 by Damon Germanides

Home Value: $5.2 MM
LTV: 70% LTV
Loan: 1st TD of $3.64 M
Terms: 5/1 ARM 5.25%
Challenge: The borrower was looking for a common-sense loan program to pay-off an IRS tax lien and replenish cash reserves. Due to inconsistent cash flow, Insignia Mortgage located a lender willing to offer competitive terms on a large cash-out refi. Closed in under 35 days.

Purchase Beverly Hills Big Bank Turn Down

Posted on October 29, 2019 by Damon Germanides

Purchase Price: $6.375 MM
LTV: 70% LTV / 80% CLTV
Loan: 1st TD of $4.46 MM/ LOC of $500,000
Terms: 5/1 ARM 3.625% / Business Line of Credit 6.50%
Challenge: The borrower was earning a large income as a newly minted physician in private practice and had been turned down by a big money center bank. The borrower was looking for a solution that required a lender to be comfortable with a large jump in provable income, with only a 20% down payment on a $6 MM+ purchase.

Beach House With Cross-Collateralization

Posted on October 29, 2019 by Damon Germanides

Purchase Price: $7.5 MM
LTV: 10% Down Payment Cross-Collateralized Loan
Loan: $6.75 MM
Terms: 1st TD 5/1 ARM IO @4.00%
Challenge: The borrowers required a quick closing and needed a cross-collateralization loan to help with down-payment. Insignia Mortgage was able to locate worked with a lender comfortable with offering financing even with a limited cash-down payment, as well as the borrowers’ complex entity ownership structure. The loan closed in 30 days.

$4MM 12-Month Bank Statement Cash-Out Refinance To Pay Off IRS

Posted on October 29, 2019 by Damon Germanides

Valuation: $5.7MM
LTV: 70%, $4MM
Terms: 1st 5/1 ARM @ 4.50%
Challenge: The borrower was encumbered by the IRS and wanted to take cash out of his primary residence to pay-off the IRS tax lien. The borrower required a bank statement program due to his tax returns not being filed for the current tax year. Insignia Mortgage was able to get the lender comfortable with the borrower’s business cash flow through an in-depth analysis of the business bank statements. The IRS was paid in full through the loan proceeds.

$5.1 MM All Cash-Out For Investment in Private Placement

Posted on October 29, 2019 by Damon Germanides

Valuation: $12 MM
LTV: 41.66%
Loan: $5.1 MM
Terms: 1st 5/1 ARM @3.25%
Challenge: The borrowers needed cash-out quickly to participate in a private placement in public equity. The borrowers only had 3 weeks to come up with the funds to close on the investment. Insignia Mortgage was able to work with the borrower and their CPA to structure this complex refinance and quickly obtain loan approval. The property was owned in two separate irrevocable trusts which added an additional layer of complexity to the transaction. The lender agreed to move forward after reviewing the file with their legal team and also to close the loan within 14 days and approved $5 million in cash-out proceeds.

High Leverage Bridge Loan Success Story

Posted on April 6, 2016 by Damon Germanides

We recently closed on a $4.50 million spec purchase with 80% lender financing in the Hollywood Hills. Insignia Mortgage found a hedge fund in New York to provide construction financing with no-income verification for the purchase, which was a teardown with a planned high-end redevelopment. The home and the current owner were in litigation with a neighbor. Further completing the deal, part of the home had been torn down, and the bedroom and kitchen walls had been demolished.

Loan Terms

- $3.6 million dollar construction loan
- 12-month term
- 9.99% APR, plus 2.5% points
- Interest Only, interest paid only when money drawn
- No prepayment penalty
- 17 day close of escrow

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Construction Loan Success Story

Posted on April 6, 2016 by Damon Germanides

Insignia Mortgage recently closed on a $11 million spec construction loan in Bel Air, CA with 50% lender loan-to-cost financing. We located a local bank willing to provide construction financing, despite our client’s limited US income. This non-recourse loan was cross-collateralized against the subject property, as well as two other income-producing homes.

Loan Terms

$11 million dollar construction loan
2-year term
7.000% APR
Interest Only – interest paid only when money drawn
No prepayment penalty
21-day close of escrow

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Interest-Only Loan Success Story

Posted on April 6, 2016 by Damon Germanides

We helped a two-income family purchase $1 million primary residence purchase with a loan of 80% of the purchase price. The family was looking for a very competitive 30-year fixed rate mortgage interest rate and needed to close in under 30 days.

Loan Terms

$800,000 loan amount
30-year fixed rate mortgage
3.597% APR
No banking relationship required
Closed on time!

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Apartment and Commercial Loan Success Story

Posted on April 6, 2016 by Damon Germanides

$8 million investment property purchase with 62.50% lender financing.

Insignia Mortgage underwrote the cash flow and approximate net equity in the borrower’s real estate holdings as well as verified down payment from several business bank accounts, including foreign bank holdings. The loan was made to a Limited Partnership with a foreign national as the general partner. The escrow closed in under 40 days.

Loan Terms