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.
