CORONA, Calif. — Paramount Residential Mortgage Group (PRMG) is making headlines for offering non-qualified mortgages (non-QMs) to borrowers in the cannabis industry. In an article published by Inside Nonconforming Markets, Paul Jones, Director of Non-QM Business Development at PRMG, said the company started marketing its non-QM product to cannabis industry workers late last year.
Director of Non-QM Business Development at PRMG, Paul Jones, speaks up about the underserved population of entrepreneurs in the Cannabis business.
Inside Nonconforming Markets put out an article that details why Cannabis owners have a hard time purchasing a home. They interviewed Paul Jones to get his take on the issue.
Although cannabis is legal for recreational use in 22 states, it’s labeled as a Schedule I substance according to federal law, deeming any monetary earnings illegal. Because of this, banks do not want to provide any services to these business owners for fear of prosecution. Meanwhile, Paramount Residential Mortgage Group started to market its non-QM product to workers in the cannabis industry late last year.
This is opening a new path to owning a home for borrowers who otherwise wouldn’t be able to make this dream become a reality. Paul said, “We’re just kind of opening the door to an underserved population where we see there is sometimes just a lack of opportunity.”
PRMG is proud to be at the forefront of this new trend and to offer a solution for those in the cannabis industry looking to achieve the dream of homeownership. The company remains committed to providing innovative and accessible solutions to its customers.
For more information about PRMG’s non-QM products, please visit their website at www.prmg.net.
