Paramount Residential Mortgage Group (PRMG) has launched a new non-qualified mortgage (non-QM) offering designed for cannabis industry workers.
“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,” PRMG said in its news release. “Because of this, banks do not want to provide any services to these business owners for fear of prosecution.”
The company’s non-QM offering is intended for borrowers working in the cannabis industry who are having a hard time qualifying for a home loan. “We’re just kind of opening the door to an underserved population where we see there is sometimes just a lack of opportunity,” added Paul Jones, director of non-QM business development at PRMG.