Alterna Mortgage - Alt-A Wholesale Lender


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Received word and some confirmation of this one over the past few days. I'm not clear on the size of this shop, so it is being provisionally added for now. Here is their web site (still functional, for now). Here is an excerpt from a letter from an AE at Alterna who had to leave:

Just reaching out to share some important news about the abrupt ending of Alterna Mortgage late last week.

If you do not already know -- every Alterna employee was given our notice of dismissal and that funding was being immdiately haulted on Wednesday afternoon last week.

This came just 2 days after an extensive product meeting to address the market shift and major operational changes that would assist as well. Unfortunately the partners of the firm were not able to weather the level of buybacks that were being called due to the massive guideline changes now dictated by the secondary investors and had to immediately close the doors... leaving myself and several other AE's with no options and a full pipeline of approved loans.

Here is some text reproduced from their "about" page describing their offerings:

Alterna is an aggressive wholesale ALT-A lender specializing in alternative documentation programs. We offer incredible service, products, and pricing. These are a few examples of products we are currently featuring. Please contact an Account Executive for complete details on our programs.

  • 100% (80/20) Financing, Full or Stated, 620 Scores - Great Pricing!
  • Up to 100% CASH-OUT
  • Investor properties as high as 100% (80/20) or Up to 4-units
  • Alterna NO-DOC - Up to 100%
  • Multiple doc-type options
  • No Property Seasoning Requirements (most programs)
  • First time homebuyer programs
  • We use your tri-merge credit report and score

A little too aggressive, it seems...

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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.