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Keeysturn
317 Posts |
 Posted - 10/15/2008 : 08:35:18 AM
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My client has a medical building in NC needing to R/T only. He and partner has scores 670 and 720 respectively. Appraised value is 1.3M, but needs 900K to R/T. Business cash flows and is located in NC. Please provide best rate for full doc. Tax lien shows on credit, but borrower has documented payment agreement. Even with lien, borrowers credit still reflects 670.
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dwallace
590 Posts |
Posted - 10/15/2008 : 09:37:49 AM
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We don't offer stated loans nor do I think a medical related borrowers should consider stated.
We could be around 6.5% to 6.876% for a 5 year fixed fully amortized 25 year term or a 7% to 7.375% 10 year fixed fully amortized over 25 years.
We would also offer a quarterly adjustable around 5% fully amortized over 25 years.
Let me know if we can help. |
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PinnaclePeters
1101 Posts |
Posted - 10/15/2008 : 2:22:14 PM
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Prime + 1.75 at <PAR>.
Prime + 1.875 pays <0.50>YSP
Prime + 2.125 pays <1.00>YSP
Must be full-doc, however... nothing "stated" available for "owner/user" properties with my programs I'm afraid. |
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Keeysturn
317 Posts |
Posted - 10/15/2008 : 10:42:24 PM
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Thank you all for your response. I'm very sorry, the entry was incorrect. The property is not OO. Borrower does not reside in property. Property is a medical building with no other tenants.
Ok, how does this affect your quotes? |
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Keeysturn
317 Posts |
Posted - 10/15/2008 : 10:44:02 PM
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| Oh also, I need a longer term than 10 years. Does anyone have 20-25 yrs? |
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barthenning
22 Posts |
Posted - 10/15/2008 : 11:58:17 PM
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If someone is giving you a quote for a stated income non owner occ property, they are full of it. The ONLY financing that may be available is Hard Money, 6 month max with reserves and a perfect exit strategy. Obviously, if they are asking for stated, the property does not cash flow and it's dead. Tell them to sell it and don't waste your time. If it cash flows and they can go conventional, you could easily get something in the mid 7's for medical properties.
Bart Henning
barthenning@nwcres.com
call if you want to learn more and not waste time with everyone else |
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mcmoney
309 Posts |
Posted - 10/16/2008 : 05:50:02 AM
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quote:
Originally posted by Keeysturn
Oh also, I need a longer term than 10 years. Does anyone have 20-25 yrs?
Most are quoting 20-25 year amortization. The term they are refering to is the maturity of the note (balloon). |
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UrCommercialGuru
27 Posts |
Posted - 10/16/2008 : 9:25:51 PM
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I can help you with this deal. I work for a nationwide, direct, commercial lender that specializes in commercial real estate only. Get a loan decision in 8-12 business hours.
Send me 1003, credit, photos.
Don't hesitate! If you are serious, call me directly or email me.
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BizMoney
45 Posts |
Posted - 10/17/2008 : 2:23:22 PM
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Don’t pay for a system or a net branch or refer your client to another broker where you need to split a commission (90/10, 80/20, etc…), you’re just submitting your deal to a loan broker and losing your full potential commission.
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Click here to get set up and start earning 100% of the fees on commercial loans. http://www.commercialapps.com/default.aspx?ReferralId=4254855
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Keeysturn
317 Posts |
Posted - 10/19/2008 : 3:44:39 PM
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quote:
Originally posted by dwallace
We don't offer stated loans nor do I think a medical related borrowers should consider stated.
We could be around 6.5% to 6.876% for a 5 year fixed fully amortized 25 year term or a 7% to 7.375% 10 year fixed fully amortized over 25 years.
We would also offer a quarterly adjustable around 5% fully amortized over 25 years.
Let me know if we can help.
Prime + 1.75 at <PAR>.
Prime + 1.875 pays <0.50>YSP
Prime + 2.125 pays <1.00>YSP
Must be full-doc, however... nothing "stated" available for "owner/user" properties with my programs I'm afraid.
Chris Peters
Account Executive
Trilogy Commercial Lending
www.TrilogyCL.com
(877)726-9433 x3315 Toll Free
Dan & Chris,
Please notice the correction of the use and doc type. HOw does your quote change based on this, and please note that the property is located in NC.
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