Is this loan product available for a 7million loan amount?
Thanks!
Yes there are ways to get that done if you can qualify.
Would it be possible to get a rundown on this dealeo?
I sent you an email…
You can do this with an 80/5/5/10 or an 80/10/10.
In both cases your looking at a rate right around 6.5% on the first and 9% on the second…if an 80/5/5/10 your looking at a rate right around 12% on the 3rd.
On this type financing you want this property to be a “buy-hold” as the prepayment penalties are very harsh.
Its amazing how someone can go and quote/claim rates without having any detail at all on the client or the property.
It’s commercial…many of the med./large balance commercial lenders I work with tend not to change the rates based on the borrower or the deal (with some exceptions)…it’s either approved or denied.
In any case I think that we should give some basic information regarding rates. Without some idea of what rates are available how would an investor fully evaluate a potential investment?
I received email and responded. Thanks Zach.
Well how can they “fully evaluate a potential deal” with guessed rates. It can be misleading. We have no idea if the NOI will even support a 90%ltv.
The Devil is, after all, in the details and clearly we don’t know all the details of this transaction so there are many places to stumble.
Yes, it exists, based on three criteria: Credit, capacity, collateral.
Yes, if we do it then others must be doing it.
Did a 90% commercial deal. There are roughly 20 commercial lenders that will do it. With the right number, fico, DCR, last 2 years rent rolls, etc, it can be down. Common sense tells me that, like a doctor I have to do an examination before I can diagnose. Like a master mechanic, I need to pop the hood, before I can tell you what is wrong and the cost involve. Success is the perfect execution of basic fundamentals. Everything in life has basic principle that need to be followed. Do it right the first time, or don’t do it at all. Yes, a 7 million loan can be done for the right person.
Just closed a 90% Apartment Loan last week for 4 MM.