Sterling Bank has just released three individual TIC financing products for 2-4 unit buildings in California.
The loans, a 1/1, 3/1 and 5/1 ARM on 30 year Amortization, are availble for both purchases and refinancing. The eligibility requirements for these loans are strict, including a minimum Total Debt ratio no greater than 40%, full documentation of income and assets, and a minimum credit score of 680, among many other requirements. However, these products, which are geared toward sellers of multiple-unit buildings as well as toward solidified groups of buyers, will add a much needed sense of security to those buyers who can afford them.
If you are considering selling a 2-4 unit building and would like more information on these products, feel free to contact me.
McGuire Real Estate
ablakeley at mcguire.com