Looking to buy a Tenancy in common (TIC) in Los Angeles? Your lender likely told you they cannot help you with your TIC purchase. That is because there are only two banks offering fractional TIC loans in Los Angeles. Neither of them wholesale their TIC loans, meaning you have to go through one of these two banks directly to get a loan.
The two lenders in Los Angeles (as of early 2021) are Sterling Bank from Michigan, and National Cooperative Bank from Ohio.
Now, we do not recommend you call these bank’s 1-800 numbers, or branch office lines directly! You will get connected to a newbie loan officer who may not know the TIC loan program as well as a senior loan officer. Or, they may connect you with a loan officer in San Francisco who is not familiar with the banks specific guidelines for borrowers in Los Angeles. You want to make sure you talk to a loan officer at the bank who is authorized to offer, and experienced in, TIC loans in Los Angeles (not just San Francisco).
The Rental Girl has developed and sold over 130 TIC units in Los Angeles since these lenders have been in LA offering their loans (2017). We have sold over 70% of all TIC units in Los Angeles, and we know exactly which banks offer TIC loans, and which loan officers at those banks you want to work with. Below are the loan officers you should connect with.
A TIC escrow transaction can range from 30 days to 90 days, depending on what loan officer you work with. Take our advice, and contact a loan officer we recommend.
STERLING BANK
At Sterling Bank, there are quite a few loan officers being trained to help Los Angeles TIC borrowers. We are directing you to their manager, Henry Jeanes who has been originating TIC loans at Sterling for over 15 years. Henry will connect you with a loan officer who can help you. If that LO is new to the TIC program, he will oversee your file.
Henry T. Jeanes // Sterling Bank & Trust // NMLS #657755
Los Angeles Regional Sales Manager / Assistant Vice President
hjeanes@sterlingbank.com
CELL 415-990-5620
Los Angeles Residential Lending Office – Koreatown
3640 Wilshire Blvd. #150, Los Angeles
NATIONAL COOPERATIVE BANK (NCB)
At NCB, we are connecting you with Jeremy. If Jeremy is out of town, you will get an away message containing the contact of another LO at the bank who can help you. All of NCB’s Los Angeles TIC loans have to go through Jeremy.
Jeremy Morgan // Senior Vice President // NMLS 507536
National Cooperative Bank // NMLS 422343
TEL 937-840-2425 // CELL 415-238-5904
jmorgan@ncb.com
Do not call both banks to “shop around.” Talk to us first. We can review the TIC loan options of both banks with you. Both banks offer the same loans, the same rates – they are the same-same! Calling both banks just wastes everyone’s time, and these lenders are already working beyond their capacity to keep up with the demand. The difference between NCB and Sterling Bank is DOWNPAYMENT. Sterling will allow as low as 10% downpayment, and NCB requires a minimum downpayment of 25%. If you are planning on putting 25% down or more, skip Sterling and call NCB. They do not charge an origination fee, which saves you money, and they do not require you open a bank account with the bank, like Sterling does.
The Rental Girl TIC Team prefers NCB pre-approvals, if the offer shows the buyer will be putting 25% down.
