Bank of America will begin to offer commercial mortgage loans in the Salt Lake area. The bank's Commercial Mortgage Services Origination group offers a wide range of competitive commercial mortgage loan products through regional offices in California, the Northwest, Southwest and Midwest.
The group has originated about $1.2 billion in loans since its inception in January 1994. Loan products feature a fixed rate, a variable rate based on LIBOR, and the popular convertible rate, which allows the borrower to close the loan with a variable rate and convert to a fixed rate at no cost within the first two years of the term.The group provides commercial real estate loans in the $750,000 to $25 million range on completed and leased apartment, industrial, warehouse, medical office, general office, retail, self storage and mobile home park properties.