Preferred Funding Group Inc, a Woodstock, Ga.-based lender specializing in small-balance commercial mortgages, has recently added new features to its existing commercial programs, including loan-to-values (LTV) increased to up to 97%, enhanced loan terms and new property types.
‘It seems as if the credit crunch has eased,’ states Pat Meazell, executive vice president and commercial lender at Preferred Funding Group. ‘Even though 97-percent LTV is not unusual for our residential mortgages, it represents a significant breakthrough when it comes to commercial lending, especially when the big banks are cutting their loan-to-values and tightening their credit requirements.’
Additionally, the company announced that three-, 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.
