More about TIC loans
A reader asks:When a TIC is purchased with individual loans are buyers able to close on a unit separately or does it have to be at the same time as the other buyers?
Our reply:
Initially when considering selling a whole property as separate TIC interests the building will usually have only one loan secured by the property with the original owner. So when the first TIC is sold, and if the goal is to have individual financing, then each TIC owner must get a new loan on their unit's interest. After that when one parties' interest is sold that unit's loan is the only one that needs to be refianced.
- Janis Stone
posted by SFResidence.com @ 8:21 AM
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