Friday, September 08, 2006

More Fractional Loan Options

TIC owners interested in fractional financing should be aware that they now have several options.

This is good, because Circle Bank, the first to offer fractional loans directly to TIC owners, apparently has a backlog of applications.

Here is the list:

American California Bank
Katherine Summer

Circle Bank
Mark Skolnick

Sterling Bank
Brandon Frey
415-970-9889 x512
(Currently only handles buildings with a maximum of 4 TIC units.)

Bank of Marin
(Only offers loans through selected developers of new TIC properties.)

Integrated Mortgage
(Although several other brokers in the city handle TIC loans, Integrated apparently has an exclusive relationship with some big capital providers.)

Options should continue to expand. I have been told that as much as $120 million will become available in new TIC loan programs over the next few months.

Hopefully we will also see rates improve. After all, there is no basis for charging an extra point for TIC money. I have no hard facts to back up my assumption, but I am guessing TIC loans are no riskier than any other residential debt. Why should they cost us more?


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