Circle Bank starts controversial fractional-TIC loans
From the SF Business Times today, "Novato-based Circle Bank said it closed its first group of fractionalized tenants-in-common loans this week."
"It is the first closing in an estimated $20 million the bank plans to lend under the program, which is limited to TIC groups containing eight units or less. Circle Bank's other criteria requires all members of the TIC group must participate in the bank's individualized TIC loan program, the lending limit is $3.3 million, all loans are for 15-year terms with 30-year amortization and fixed and variable rates are available."
"The loans have generated controversy in San Francisco. Some see the new loan program as key to expanding home ownership in high-cost communities, but others fear such sales will diminish the supply of rental properties."
posted by Matt Lanning @ 9:47 PM
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Circle Bank's fractional-TIC loans should be avoided if at all possible. They refuse to provide a copy of their Note and Deed of Trust for review by your attorney saying that it is PROPRIETORY INFORMATION then slip it under your nose at the title company for signing. It took them 112 days to fund from initial application and the rate originally quoted went up when the rest of the market was going down. They also changed indexes and increased spreads without notice. Good luck with CIRCLE BANK, Kim Petrini, President and Pat McCarty, VP lending Dept.
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