BOSTON, June 11, 2007 (PRIME NEWSWIRE) -- World Capital Bancorp today announced the launch of a new loan program offering no prepayment penalties on a 10 year fixed commercial mortgage product. This loan program also allows for thirty year amortizations, helping to free up cash flow.
Recent requests from borrowers for longer fixed terms with no prepayment penalties has highlighted the demand for a new aggressive and flexible commercial mortgage product. Through the new loan program, which is a full income documentation product, World Capital Bancorp is fulfilling this demand by allowing the borrower to prepay the loan in full at any time without incurring a penalty. This is currently being offered on loans up to three million dollars. This product is not being offered by traditional banks due to their cost of loan production. Conventional bank financing for commercial mortgages only allows for a 10 year fixed product with a 10 year prepayment penalty. World Capital Bancorp is not only offering a 10 year fixed product with no prepayment penalty, but is also offering a loan up to an eighty percent loan-to-value ratio.
Dylan Jones, Chief Underwriter at World Capital Bancorp, said, "The multifamily market is just now recovering from a five-year decline due to the low cost of residential mortgage money available to first-time homebuyers and the decrease in rental prospects. This renewed market interest is in need of some flexibility as inventory for the larger real estate brokerage houses increases."
"Today's launch underscores our drive to deliver flexible underwriting to fulfill the needs of our borrowers. We believe that we will be doing more business in this sector than ever before," Jones concluded.
World Capital Bancorp is one of the premier commercial lenders headquartered in Boston, Massachusetts. World Capital Bancorp was built on the strongest foundation possible: its customers.
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