What rates and terms are you getting from commercial lenders?

[Steve K.]

I’m trying to pick up a small MF property (12 units) and it seems the recent banking crisis has started a bit of a credit crunch in the commercial lending world… my favorite lender to work with (a really knowledgeable guy at a local credit union) said his underwriters have given instructions to hold off on any new loans for now “to preserve capital in order to strengthen our balance sheets in anticipation of further turmoil”. My usual #2 choice wants 45% down, 7% interest rate which is about equal to the cap rate on this deal (10 year term ammed over 30), my #3 choice said the interest rate would be higher than the cap rate… what’s everybody else hearing from their commercial lenders this week?