Is anyone writing small (375k) commercial 15 yr fixed rate mortgages in the 5's % for apartment complexes ?
I've talked to upward of 30 banks, credit unions, financial lenders and does not seem anyone is interested. If this was a 4plex I'd have rates in the 4's. If it were $1,000,000 loan i'd have rates in the 3's.Seems like there is a big hole nobody is looking to fill ? by mark murphy from , Texas. Sep 22nd 2011
Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 233 contributions
I am not aware of any. I do commerical loans with several different lenders. What I normally do in my state of TN. rather then do a commerical loan, if the customer has good equity in their principal residence, I do a refinance as a cashout, they use the funds for their commerical purchase. Doing it this way, is much less expensive, with better terms & better rates!Good luck!Nancy J RelefordHome Equity Mortgage, LLCwww.homeequitymtg.com615-867-3060
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
The best source for Commercial Lending is Scotsmanguide.com. Just about every major commercial lender in the country advertises in this publication. You can do a lender search by putting in your criteria, and it will give you a list of lenders. In the 5's though... probably not, but i guess i don't understand your hesitation... payment difference is minimal... like $200... With rates at an all time low, it will never this cheap again... Get off the fence and get your loan... WilliamAcres.com
Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions
Mark,Don't give up. Granted there are very few Commercial Lenders that will lend on this small amount. You need to find those few lenders. Concentrate on smaller Community Banks. Happy funding, Rudi
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