BOSTON, Sept. 14, 2006 (PRIMEZONE) -- World Capital Bancorp today announced the launch of a new loan program offering apartment building owners improved rates and pricing on loan requests exceeding five hundred thousand dollars. This loan program also allows for thirty year amortizations, helping to free up cash flow.
Recent requests from borrowers for increased loan amounts with higher loan to value ratios have highlighted the demand for a new aggressive and flexible multifamily product. Through the new multifamily loan program called 'MULT I,' which is a full income documentation product, World Capital Bancorp is fulfilling this demand by offering up to ninety-five percent combined loan to value ratios with a seller carry-back on loans up to three million dollars. This is one of the highest ratios currently available on the market. On their 'MULT I' full income documentation product and their 'MULT X' stated income documentation product, the company is also offering up to eighty percent loan to value on not only rate and term refinances, but also cash out refinances, where a seventy-five percent loan to value ratio has traditionally been the industry standard.
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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