Answers - Real Estate

In today’s marketplace, there are many borrowers who do not fit the traditional mold, es

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

pecially in terms of their employment, i.e. commission salespeople, self-employed earner

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

s, investors, etc. Understanding this fact, the mortgage industry has adapted by creatin

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

g programs known as no-documentation loans where borrowers qualify on the basis of their

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

credit history without the need to document income and assets. Below are some pros and c

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ons to think about if you fall into this category:

Pro

1. Simple Underwriting

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

If this is the only loan you will qualify for, there is at least some good news. Because

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

you are not proving anything, there is not much for you to do. Your lender will review

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

our credit history to make sure you qualify. Then, the underwriter will take a close loo

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

k at the residential home appraisal and your credit profile. If those two things check o

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ut, you are usually clear to close.

Cons

1. Higher Interest Rates

Since you ar

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

e not proving your ability to repay the loan, you can expect to pay much higher interest

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

rates than a typical borrower. Whenever you present a high risk to your lender, you will

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

have to pay more.

2. Larger Down Payment/Less Access to Equity

The more you bo

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

rrow against your home’s value, the riskier you are to your lender. When purchasing a ho

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

me under this program, you are going to need a considerable down payment, and when refin

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

ncing, you will have less access to your equity.

Although there seems to be more drawba

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

cks than positives to loans like this, they are still your best option if you cannot pro

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

ve your income and assets. Consider the alternatives and take one if you really need it.

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

Then, start planning on how you can refinance in a few years under better circumstances

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Answers - Pros and Cons of No-Documentation Mortgage Loans

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