a little late…

E-LOAN Announces Individual Tenancy-in-Common Financing

E-LOAN’s Individual Tenancy-in-Common (TIC) Mortgage Revolutionizes the Way Borrowers Can Obtain Financing, Helping More People Realize the American Dream

PLEASANTON, Calif.–(BUSINESS WIRE)–E-LOAN®, an online consumer financial services company, today announced the launch of its individual Tenancy-In-Common financing to help those consumers living in high rent markets more fully participate in the American Dream. With E-LOAN’s new individual TIC loan, borrowers can finance a fractional ownership in residential real estate without the risks commonly associated with a group TIC loan. Immediately available to borrowers looking to purchase a Tenancy-In-Common ownership in California, the company plans to eventually extend the financing option to consumers throughout the West Coast and then across the nation.

“As the lack of affordable housing continues in high rent markets such as San Francisco, San Diego, Seattle and the East Coast, many borrowers are prohibited from participating in the financial and emotional benefits of home ownership,” said Mark Lefanowicz, president of E-LOAN. “E-LOAN has once again created a product that exceeds conventional standards with an innovative TIC financing offering that considers the needs of the individual borrowers who are entering into a major multiparty agreement. This is an entirely new approach to the TIC market and will help spur additional home purchases.”

While the real estate market has been experiencing a nationwide downturn, high rent markets continue to present a barrier to affordable housing for many would-be homeowners looking to enter the housing market. In recent years, the TIC structure has become a popular way for these buyers to pool their resources and buy more real estate than they could afford on their own. However, traditional TIC offerings require that the loan be made collectively to all members of the Tenants-In-Common agreement, and secured by all of the TIC members’ interests in the property. This means that each individual TIC member is vulnerable to the actions or inactions of the other TIC members. Since E-LOAN Individual TIC loans do not require any other Tenant-In-Common members to co-sign on the same loan, borrowers are not tied as closely to the other TIC members, thereby reducing their risk and mutual financial dependence. An E-LOAN Tenancy-In Common mortgage can also be used to refinance existing TIC real estate holdings.

E-LOAN’s Tenancy-In-Common offering will further be distinguished from other TIC products through:

* Trusted Brand – Year over year, consumers nationwide and independent industry expert research groups continually rank E-LOAN as one of America’s Most Trusted Companies because of its commitment to protecting consumer’s privacy.
* More Freedom – Unlike traditional Group Tenancy-In-Common loans, E-LOAN’s TIC loan is an individual loan securitized by an individual member’s interest. This allows a borrowing member to reduce their interdependence by signing as the sole borrower. Since no other TIC member is required to co-sign or guaranty the loan, there is a reduced risk of harm from the actions or inactions of other TIC members and less of a need to monitor who purchases a member’s interest in the TIC.
* Competitive Rates – As with other E-LOAN products, borrowers can be confident that they are receiving competitive rates and purchase with the comfort of working with a transparent, trusted lender. E-LOAN does not surprise borrowers with hidden fees, instead providing an exceptionally open and honest loan experience with customer service rated at greater than 90%1, significantly above the industry norm.

Consumers can find additional information or an application for E-LOAN Tenants-In-Common financing at http://www.eloan.com/tic.