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California industry appointments update - 7/5/2007

National Mortgage Professional
Jul 05, 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 05, 2007
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