FHL BANK NY on Mixed use commercial mortgage

[Dee Culverson]

Hi,

Does anyone have any experience with the FHLBANKNY Federal Home Loan Bank - New York rates and how to access?
While I have experience with Residential and Investment property mortgages/loans, I have  not done any Commercial/Mixed-use loans before. It has been a learning experience!

I have 4 offers for loans on a commercial mixed use property, small retail ground floor, 3 apartments upstairs. The loan offer that seems to be the best of these offers is a 20 yr ARM adjusting every 5 years with a 2.5 add to "the index", the index in this case being, "the daily average yield on the 5 year fixed rate advance from Federal Home Loan bank of NY".

My problem/question is, I can't find a listing for any data on this rate. No daily, no historical, nothing. The website for FHLBANKNY looks like you need to be a member to access and membership looks restricted to financial institutions.

Two  of the other loans are based on US Treasury 5 year and that's easy to access and find data on, but not this index. So in summary, the banks all want to loan me money and this seems like the best offer on its surface, but...

Is anyone familiar with it, had a loan based on it, know how to access info on this index so I can calculate the pro/con and risks?
Any other advice?
(and just to b clear - the loan is not directly from fhlbankny, thats just how the ARM will be calculated)

Thanks for your help or suggestions!

De C