What was going on behind the curtains is that the LO was really really trying to find a way to make it work, but in the end couldn't find a way to help the borrower check all the right boxes. 

Non-qm is just throwing spaghetti at the wall, and hoping something sticks -- otherwise you lose your earnest money deposit (the LO loses nothing, so why not promise the world?).

If you are looking at a loan on your primary residence, I would first be looking for an LO who you can have a conversation with and trust that they know their stuff.

Quote from @Stanley Lo: Who do you recommend for Note Fund investment? 

Are you looking to be an RE Agent or LO?

It'll be less than 20:1 if you start looking in a city with a city transfer tax, the above 3 examples, Los Angeles, and Sacramento, being examples (OP is in Texas and OP should find a Texas LO to get Texas-specific numbers, I'm only qualified to comment on what I see in CA). 

Interactive Brokers offer margin rates as lo as 1% (on large balances).  

What I would like you to do is talk to my top LO who works with REI folks every day.  

We have a leak where they've sent their HVAC technician, then followed by an outside HVAC vendor and just when we thought the leak was addressed and had the ceiling repaired... lo and behold, the leak returns..

@Gautam Venkatesan I'm sure Brent didn't mean for his thread to get caught up with us discussing TX LO's, but if you have specific questions about the law you don't understand you can e-mail me.