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Updated over 2 years ago,
- Real Estate Agent
- Lowell, MA
- 1,370
- Votes |
- 1,445
- Posts
What are you seeing for Rates?
Interest rates are increasing at an alarming rate and the credit markets are in a bit of turmoil right now. That being said everything in real estate is negotiable and what I have found is the bigger the loan, and the better the property, more negotiable things become. These are all term-sheets I have in my email from the last 14 days for projects that we are working on. For comparison point the FHA rates breached 7% earlier this week. I do not have a W2 job and my credit score is less than perfect (under 700). In fact I do not qualify for residental financing due to the complexity of my business so these are all commercial loans for New England based properties (CT, MA, NH)
$190,000 - Condo refinance = 6.0% for 5 years 80% LTV
$740,000 - 3 family refinance = 5.5% for 5 years 80% LTV
$4,300,000 - 40+ unit purchase = 5.1% for 5 years 80% LTV
$8,550,000 - 85+ unit purchase = 4.75% for 10 years 75% LTV + 2 years of IO
Financing has always been one of our competitive advantages and often times either makes or breaks the deals. I thing this becomes even more important in the environment we are entering into.
What are you seeing for rates / terms and where? Have you found any soft spots with lenders?
- Jonathan Bombaci
- [email protected]
- 978-710-8611