With banks across the countries locking their vaults and swallowing the keys, nearly all mortgage-seekers have been adversely affected. But those looking for non-traditional loans appear to have been screwed even more than others. Residential TICs, a popular set-up in SF but basically nowhere else, have been hit especially hard, with higher mortgage loan interests and banks requiring up to 30% down payments. Of course, this is affecting the market. This September, TICs comprised less than half the city sales they did one year ago, and their average prices tanked more than any other residential category. And so it trickles.
· Residential-TIC Tack Hits Snags [WSJ]For more stories from Curbed SF, go to sf.curbed.com.