BY SALVATORE ISOLA
For more than 20 years, Lyons Mortgage Services has provided commercial and residential lending in the metropolitan area. The company recently unveiled three new products aimed at small business development.
Last month at Terrace on the Park, Lyons hosted a mixer event in conjunction with the Queens Chamber of Commerce to introduce the new products to over 100 realtors and others working in the financial sector.
“What we’re trying to do is get everybody together in the community to enjoy the mortgage product and knowledge we’re pushing out there,” said Steve Horasan, a national sales manager with Lyons.
One of the new products are non-qualifying mortgages, designed specifically for the self-employed business owner. These loans are safe for borrowers by prohibiting several high-risk features, like limiting excessive upfront points or fees.
The loans are aimed at “small community businesses that have no access to credit through the large financial institutions,” according to Lyons co-founder George Sophocleous.
One such loan is an interest-only mortgage, which offers lower payments for the first ten years than a typical mortgage, since only the interest and no principal is being paid.
These type of loans work well with jumbo loans, which are loans above an area’s loan-conforming limit, which in New York is set at $726,525. Among the biggest beneficiaries are individuals who do not intend on holding a piece of property for a long period of time.
Another product is an acquisition fix-and-flip rehabilitation loan. It takes into account the value of a property after a future renovation, and freeing up more money to finance the renovation process. These loans have short-term financing up to one year.
Lyons has also introduced a foreign national program that permits loans up to $10 million.
“If applicants have a work visa or another type of visa, they can still purchase homes,” Horasan said.
Additionally, qualified applicants can receive gift funds from relatives that can be used for down payments.
“In the five boroughs, we realize that we have such a diverse community where we have to meet the needs of these communities, and they obviously have diverse needs,” Sophocleous said. “Our product line is not based on what we decide, it’s based on what our customers need.
“We don’t feed our clients, our clients tell us what they want to eat,” he added. “We believe in communication, and we are a company based on relationships.”
For 23 years, Lyons has offered commercial and residential lending not only in the metropolitan area, but also in New Jersey, Pennsylvania, Connecticut, and California.
“We are a true lender where we underwrite the loans locally here at our offices, and we service all of our businesses.” Sophocleous said. “In other words, the customers are going to come and pay Lyons, they’re not going to pay somebody else.”
For more information, visit elyons.com. Contact a loan specialist at (800) 448-8101 or firstname.lastname@example.org.