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September 10, 2009

TIC Lender Targets Noe Valley

Word on the street is that Marin-based Circle Bank is planning to open a branch on Noe Valley’s 24th Street. The bank reportedly believes the demographics in Noe and its immediately surrounding neighborhoods are very similar to that of Marin (no shock there).

With 229 TIC interests having sold since January for an average price of $622,606, it doesn’t appear the TIC market is drying up. Circle’s fractional loan product is the go-to loan for TIC purchases in 3+ unit buildings. (Fractional loans allow TIC owners to be responsible for their own, individual loan vs. all owners sharing a loan.)

I’m betting that fellow TIC and fractional loan specialist Sterling Bank, located at Church and 24th Street, can’t be too happy about its future neighbor. What do you think, Noe neighbors?

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