All Forum Posts by: Eric Schleif

@Brian Adams I've often found the 500+ unit larger deals easier to close than the smaller ones. I guess you could chalk that up to the economies of scale argument. Plus the larger deals will get the attention of senior management/executives that will want to make sure the deal closes and will gladly assist working through any "wrinkles". At least that's been my experience on the finance side.

Great list but to clarify, this is a list of the top 10 lenders. Not brokers. While some of these lenders may also broker deals, this list does not include solely commercial mortgage brokerage firms. 

What is the purchase price? Is the building in good shape and cash flowing? If so, you should go a bank route. Hard money wouldn't make sense unless there is some underlying issue.

Feel free to send me a PM to see if I can help. I'm based in downtown Manhattan.

On a typical bank deal they will base their loan on the lower of your cost basis or appraisal. Interest rates are constantly changing. So you'll get the market interest at the time you rate lock or close the loan. So the rate could go up or down depending on the current market.

No problem. I was quoting owner occupied commercial real estate for loan amounts of $2MM to $35MM. Also those rates I quoted have jumped since the election. It's more like Low 4's for 5 years, mid 4's for 7 years and high 4's for 10 years. 

On a deal the size you are looking at NJ you're looking at max leverage in the 65% to 75% range. 

Hope this helps.

What is the $1,500 for?

What terms did the broker quote? What's their fee and how much are they asking for upfront?

No problem. I wouldn't suggest paying any broker fee up front. Offer to enter into a broker agreement (if that's what you want to do) and have the term sheet issued on the lender's letterhead. Before paying $ you should know who the actual lender is.

And you shouldn't be sending any money to anyone without a term sheet on the lender's letterhead or a full understanding of the deal.