Loan rates add up quick

[Jordan B.]

In my job as a banker we do a lot of figuring for our clients helping them figure out how to best utilize their funds, lending limits, and cash in deals.  I know we can get caught up in deals and start to neglect the little things, but fight for that rate on your loan to be as low as possible.  

If you have $1,000,000 leveraged in real estate and you pay a 4% rate that equates to approximately $111 dollars a day in interest.  If that same loan has a 5% rate you pay $138 dollars a day in interest.  That's over $10,000 lost in the course of the year with the 5% rate vs the 4%.  Push hard on your rates, even if you gain a half percent it adds up!