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A new lending platform is focusing on a largely forgotten portion of property owners. San Francisco-based Plum Lending is offering commercial loans of $1M to $25M for terms of five, 10 and 20 years to property owners. Interest rates are about 4.75%.
The company works in primary, secondary and tertiary markets, but tends to focus more on the secondary and tertiary markets where there are fewer financial options for commercial property owners, according to Plum Lending vice president of marketing Julie Norris. She said sometimes these loans from local community banks are very difficult to get unless the property owner has had a long-term relationship with the bank.
The platform launched in 2014 and has already processed a significant number of loans throughout eight property types, including manufactured homes and RV parks, multifamily units of five or more, office and light industrial.
The company has provided funding for a five-year fixed-rate loan for a marina in Northern California, a 10-year fixed-rate loan for a hotel property in Texas and a five-year fixed-rate loan for a multifamily property in Illinois. The lender also has done deals in Carlsbad, Stockton and Sacramento.
CORRECTION, MARCH 27, 9:55 A.M.: A previous version of this story was not clear about the types of properties served by Plum's loans. The story has been updated.
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