What are the best commercial loan rates ?

[Olivier Colson]

Hello fellow investors,

I have >500k commercial loans with a local commercial bank, on 7 different properties (single family houses) upstate NY, from 7.25% to 8.75% on 10 years fixed rates. I feel the rates are very high and could be challenged. Do you have better suggestions ?

I do not want to change the loan terms, only the % interest rates.

 Thanks for your advise !

[Ty Coutts]

Hey Oliver,

To reduce the high interest rates on your commercial loans for single-family houses in upstate NY without changing the loan terms, consider these steps:

1.Negotiate with Current Lender: Highlight your good payment history and compare rates from other lenders to negotiate a lower rate.

2. Explore Loan Modification: Request a rate reduction or modification from your current lender based on improved property performance.

3. Look into Government and Local Programs: Check if you qualify for SBA or local economic development programs that offer lower-rate refinancing options.

4. Shop Around: Compare rates from other commercial banks, credit unions, or online lenders to find competitive offers.

5. Consult with a Financial Advisor: Seek advice to navigate negotiations and explore refinancing options that best fit your needs.

By taking these steps, you can work towards lowering your interest costs while keeping your loan terms unchanged. I am a Loan Officer so if you would like to explore options, or if you just want to discuss, feel free to reach out to me directly!

[Olivier Colson]

Thanks for the reply. Actually I just asked the bank what would be the rate to buy another property, they told me the rate is now 9 to 9.25% which seems outrageous. Note that I have 40% overall equity in my properties, 100% on time payment, very good care of the business. 

What rates are you seeing currently for commercial loans ?