You should seriously be thinking about repositioning your real estate loans to take advantage of these historically low interest rates (see Current Rates page). The RISK in waiting to refinance is very simple – money is just going to cost more in 12 to 24 months, assuming it is even available for all commercial real estate types.
THE RULES HAVE CHANGED!
Do you know that answers to these new, very basic lender guideline questions?
- What does my Net Worth need to be to qualify for a new loan today?
- How much do I need in cash reserves to qualify?
- What does my mid-credit score need to be to qualify?
- What guidelines will lenders use to analyze my “global cash flow” and why is this now so important?
- What is the minimum debt service coverage requirement that lenders are using currently? What is the maximum loan to value guide for most lenders?
- Can I get cash back if a refinance a property today? If so, what are the limits?
More than ever, anyone entering into the commercial mortgage arena today MUST HAVE a mortgage professional in their corner to guide them through the dozens of changes that lenders have made to their standard approval guidelines over the past several years.
WARNING
If You Try to Work Directly With A Bank,
Fannie Mae or Freddie Mac
Watch Out!
If you choose to work directly with Chase, Sterling Bank, Union Bank, Opus Bank, Fannie Mae or Freddie Mac – or any other lender – remember that no one within those institutions is working for YOU!
Loan officers employed by these lenders are making decisions based on what is in the best interests of their Lender – NOT YOU.
We Represent Our Clients – Not The Lenders
Keep in mind that we represent our clients and NOT the lenders. In most instances we can make the difference between getting exactly the financing you want and need, as opposed to not having your financing require approved at all.
CURRENT INTEREST RATES
As of 4.23.2013
Apartments / Mobile Home Park
Fixed Rates
Rates Starting at:
5 years: 3.125%
7 years: 3.519%
10 year: 3.88%
Also – 6 month Adjustable – 3.15%!
Mixed Use / Retail / Industrial
Multi-Tenant / Office / Self-Storage
5 year fixed rates starting @ 3.625%
No Balloons
25-year fully amortizing
Rates represent multiple capital sources including Agency and Wholesale Lenders
Rates shown represent best case pricing and will vary depending on loan amount, LTV and DSC
If you have any questions, comments or concerns please feel free to contact me directly.
My private direct phone number is (206) 979-4259.
Or email me at: al@apartmentfinancing.com
Al Williams
