BANK OF MARIN
BACKING BUSINESS. BUILDING COMMUNITIES.
Fractional Tenancy In Common (TIC)
7 year fixed ARM
Bank of Marin offers mortgages secured by the fractional percentage of ownership in tenancy in common buildings with 2-12 units located in San Francisco.
7/30 ADJUSTABLE RATE MORTAGE (ARM) PROGRAM:
|PROGRAM INTEREST RATE||LOAN-TO-VALUE (LTV)||MARGIN||LOAN ORIGINATION FEE||APR%||INITIAL MONTHLY PAYMENT||MAX RATE AFTER FIRST 7 YEARS||EST. PAYMENT AFTER FIRST 7 YEARS|
FEES PAID BY LENDER:
- Appraisal Fee $400 to $1,500
- Tax Service Fee $67.00
- Flood Certification Fee $12.00
LOAN AMOUNT - PURCHASE MONEY LOAN OR RATE AND TERM REFINANCE:
- Up to $1,000,000 – LTV 75%
- $1,000,001 to $1,500,000 – LTV 70%
ADDITIONAL TERMS & CONDITIONS:
- Floor rate is 3.625% with a ceiling of 8.625%.
- Loan term is 30 years. Interest rate can adjust annually after the first seven (7) years. Payments based on 30 year amortization.
- Rate adjustments: The interest rate and monthly payment may increase or decrease every year depending on the TCM index. The interest rate will not go below the loan floor rate. The first adjustment cannot be greater than 2%. Any subsequent rate adjustments cannot be greater than 2%. The rate may not increase by more than 5% over the term of the loan.
- No prepayment penalties. Loans are assumable by qualified buyers with assumption fee of .50% of the loan amount.
- Verification of income and assets are required.
- Index: 1 year Treasury Constant Maturity (TCM), 0.160% as of June 1, 2020
- Cash-Out refinances are available; for cash out $5,000.00 and greater, LTV will be reduced by 5%.
- Minimum Equifax credit score of 725.
- Property must be owner-occupied. Bank of Marin must review and approve the Tenancy In Common Agreement for the building at time of loan application.
Home Equity Lines of Credit are now available. Contact us for more details.
SAMPLE PAYMENT & APR CALCULATIONS:
Sample payment and Annual Percentage Rate (APR) are based on a $400,000 30-year loan with 360 monthly principal and interest payments and no prepayment penalty. Interest rates and annual percentage rates (APRs) are based on current market rates, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to, loan amount, loan-to-value, credit score and other variables. Estimated monthly payment does not include taxes and insurance which will result in a higher monthly payment. APR reflects the effective cost of your loan on a yearly basis, taking into account such items as interest, most closing costs, and loan-origination fees. Origination fee is .50% of the loan amount (e.g., $500 on a $100,000 loan). Your monthly payment is not based on APR, but instead on the interest rate on your loan.
Adjustable-rate mortgage (ARM) rates assume no increase in the financial index after the initial fixed period. ARM rates and monthly payments are subject to increase after the fixed period.
Rates and terms are subject to change without notice. This is not a commitment to lend. Loans are subject to credit approval.
Phone: 415.409.8597 Email: firstname.lastname@example.org 2135 California Street San Francisco, CA 94115