Must I call every single bank???

[Bobbi Casalino]

... it's what I'm doing trying to find the best rates and terms for a 1.5 commercial cash-out refi on a fully paid off mf in Brooklyn. LTV is less than 50% and my credit is solid. Is there a website that compares commercial loans? Rates I've been quoted range from 5.41 - 7.25%. So far brokers are better than banks and CUs. Has anyone here gotten a nice deal?

[Jason Wray]

Bobbi,

Be careful when you deal with a "broker" because they tend to make a lot of promises that they cannot deliver upon.  I would also tell you to "never" pay an upfront fee to lock into a letter of intent which is a non-refundable fee.

If you have a bank/CU offering a rate under 7.25% take it and run do not waste your time with teaser rates.  Make sure you know if they are hitting you with prepayment penalties and how many points.