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prof9000
104 Posts |
 Posted - 01/23/2008 : 10:21:58 AM
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Still fairly new to commercial.
NY Shopping mall purchase
Loan amount $2.5MM
75 LTV
Fully occupied
$20k per month rental income
That's all the info I have so far from my Agent - Borrower says he can get 6.5% from his own bank 30 yr fixed
Thoughts? |
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mwgreco
1162 Posts |
Posted - 01/23/2008 : 10:23:20 AM
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| Tell him if he can get 6.5% from his bank then he should be running to the table.. Tell him if it falls thru (Which it will) to use you as a back up... |
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ComLender
1249 Posts |
Posted - 01/23/2008 : 10:31:19 AM
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I can get 2% from my local bank, but I'd like to shop the deal around anyway ;)
Feel free to give me a call if you'd like to discuss pricing and terms. |
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knagi
374 Posts |
Posted - 01/23/2008 : 12:49:07 PM
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Please contact me with any current loans you may need our assistance.
**Our minimum FICO requirement is 600 on both stated and full doc programs
**Our minimum loan amount is $100,000 and maximum of $1,500,000 on stated and $6,000,000 on full-doc
**Our maximum LTV on stated is 85% and the maximum LTV on full doc is 95% and possibly 97% with a strong file on selected properties
I am encouraging you to use these great rates and discounts to your advantage ……
*** We are offering up to $1500 cash back on appraisals at closing this offer is good till March 2008
*** No origination fee
*** We lowered our processing fees from $4995 TO $2995 collected at closing
*** will pay up to 3% YSP
All I need to process this file and give you a pre approval
** 1003
** Credit Report
** 2 yr tax returns (Personal and Business) only if we are going full-Doc
Sincerely,
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EMScommercial
4700 Posts |
Posted - 01/23/2008 : 3:06:40 PM
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What most people do and it cracks me up... is say some sort of out landish claim like what your client did and expect you to KILL yourself to beat it....
He won't be able to get 6.5% for 30 years on it at his bank.... maybe if it were an office building.... but not that type of property...
The actual rates will generally be high 6's to 7's.... 20-30 yr amm... and the fixed term will probably come back at a max of around 10 years....
But... on retail/strip/shopping center.... we have 156 direct lending sources in our database to see what kind of rates are available.... better than doing the shopping one at a time!
Please let us know if we can help you with your commercial scenario(s) - I'm sure that if there is any financing options for your clients out there, we can find it in our vast internal database of commercial lending sources of which we are direct brokers for (currently stands at 250+ entries as of today (lenders, banks, private money, hedge funds, insurance companies, etc.)).
Thanks! |
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