Loan Programs

Developer Reduces Seller Financing Rates

By James Comtois

SANFORD, FL - In response to the bank liquidity crisis, Commercial Alliance Group, an integrated real estate development and financial services firm here, has reduced its seller financing interest rates for purchasers in its new resort Luxury Intracoastal Waterway Residential Condominiums in the Marina Communities at the Palm Coast Resort, Palm Coast, Fla., and Callalisa Villas, New Smyrna Beach, Fla. The company's seller financing rates now start as low as 4.75%.

According to CAG vice president Scott Colon, the company's seller financing program, restricted to its development products, was first announced on Nov. 4, 2008. "CAG decided to reduce its seller financing interest rates following the recent actions taken by the Federal Reserve to lower interest rates," he said. "In spite of the low interest rates, real estate purchasers continue to have difficulty obtaining bank mortgage financing. CAG is providing mortgage loans to its purchasers without complicated and painful underwriting processes."

Additionally, the company's seller financing program includes loan programs based upon down payments. Larger down payments result in lower interest rates. Other features include no payments and no interest for 90 days.