Velocity Commercial Capital, a national real estate lender specializing in small-balance commercial loans, has rolled out an interest-only (IO) program. The program offers short-term financing for small commercial loans up to $600,000 in selected states nationwide.
‘We are excited to add this new product to our offering,’ says Chris Farrar, president of Velocity. ‘Given the lack of liquidity in the current market, we feel this program will be well received by our clients.’
According to the company, the IO program will provide financing to borrowers with less-than-perfect credit, as well as to borrowers with properties that have vacancy issues or deferred maintenance.
Source: Velocity Commercial Capital