Home ownership is knocking
Answer with a TIC loan from RCU
TIC Loan Overview
Housing in the San Francisco area is highly sought after, and the market continues to be competitive. With these conditions in mind, it’s a great time to find your perfect unit in a TIC (Tenants in Common) building – and finance it with an affordable TIC loan from Redwood Credit Union.
What is a Tenants in Common (TIC) Loan?
TICs are typically multi-unit buildings, like larger homes divided for multiple tenants, that are operated under a TIC agreement – a contract that allows a person to own a percentage of the title with “exclusive rights” to a particular unit and often other amenities, like parking, outbuildings, and yard space. This agreement also details house rules and restrictions.
Although the unit is owned by multiple people, it appears as one unit on records, making it more affordable than condos. Plus, unlike financing a loan for a condo, you own a portion of the entire building – not just your residence within the building.
Highlights
As a full-service financial institution, Redwood Credit Union is one of the few institutions in the Bay Area providing TIC loans. For Members interested in this type of ownership opportunity, RCU offers:
Low down payment
Put as little as 20% down, as opposed to the typical 25%
Quick process
We’ll close your loan in about 30 days, instead of the industry standard of 45
Flexible financing options
Buy up/buy down rate options 5-7 years, amortizing up to 30 years
We know unique ownership opportunities call for unique loan types, and we’re here to fund your every need.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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