California industry appointments update - 7/5/2007 – NMP Skip to main content

California industry appointments update - 7/5/2007

National Mortgage Professional
Jul 04, 2007

ComNet rolls out creative commercial programsMortgagePress.comComNet Financial Corporation, LTV, Jeff Lucas ComNet Financial Corporation, a national leader in small-balance commercial mortgage lending, recently added several new features to their existing loan programs. The lender is offering expanded loan-to-value (LTV) ratios, enhanced loan terms and new property types. Borrowers with strong qualifications can now qualify for 97 percent LTV financing on properties including multi-family residences, mixed use, retail and office space, among others. Borrowers with a B credit grade can finance up to 80 percent if owner occupied and up to 75 percent if investor financing. Even though 97 percent LTV is not unusual for residential mortgages, it represents a significant break-through when it comes to commercial lending, stated Jeff Lucas, executive vice president and general manager of ComNet. Additionally, the company announced that five- and 10-year intermediate adjustable-rate mortgages (ARMs) are available, thereby expanding the product offering from a six-month ARM to fully amortizing 30-year fixed-rate programs and everything in between. The fixed-rate programs feature a declining rate option that reduces the rate 50 basis points every five years, providing the borrowers make their payments as scheduled. While the companys core programs are available on a wide range of property types, ComNet has included restaurants, gas stations and churches to the offering. Maximum LTV for these new property types is 75 percent. These enhancements expand the companys broad product set. ComNet offers their core mortgage programs from $100,000 to $3 million. Further, they provide specialty programs to $5 million on a case-by-case basis. For more information, visit www.comnetfinancial.com.
Published
Jul 04, 2007
Mortgage Industry Will Soon Be ARMed To The Teeth

ARM loans might be a saving grace to borrowers who recently purchased a home, but it comes with risks.

Industry News
May 20, 2022
Battle Between Loan Originators Gets Sparkly and Dirty

Flowers is suing both Durosko and Peevey for these pranks, demanding compensation for their harmful acts, but that doesn’t tell the whole story. 

Industry News
May 18, 2022
FirstClose Receives $35M Investment From Lateral

Fintech says it will use the investment to expand its growing financial services footprint.

Industry News
May 18, 2022
Mortgage News Network Launches Podcast On Helping Underserved Borrowers

'Gated Communities' looks at why homeownership gap is increasing, and what lenders are doing to reverse the trend.

Industry News
May 17, 2022
Class Valuation Appoints EVP Of Valuation Modernization

Cristy Conolly will focus on removing bias from the equation in appraisals.

Industry News
May 17, 2022
Open Mortgage Appoints New Chief Financial Officer

Anthony Nolte, Open Mortgage's CFO since 2019, will transition to chief legal officer.

Industry News
May 17, 2022