All Forum Posts by: Millie D.
Millie D. has started 5 posts and replied 34 times.
Post: What are current rates on small commercial loans (Charlotte area)?
- Davidson, NC
- Posts 34
- Votes 6
Originally posted by @Paul Stern:
I am looking now for two 6-units on a single property. Verbal commitments from local banks in the Midwest are 4.0-4.25. Some of my colleagues are telling me they have gotten 3.75-3.9 for larger MF deals recently. 5/20 with 75-80% ltv. I should have 3-4 commitments in the next week and can update my post with that.
Post: What are current rates on small commercial loans (Charlotte area)?
- Davidson, NC
- Posts 34
- Votes 6
Good question! I should probably post the answer as a cautionary tale...I would LOVE to finance this with Fannie Mae but....
We tried to refi this property with the FNMA 5-10 properties program a couple of years back. I was going through a local broker who was working with a couple of lenders who do FNMA 5-10 loans. Everything was great until the appraisal came back. The appraisal value was good, but the lender rejected the loan becuse the appraiser had used duplexes as comps, rather than triplexes. The fact of the matter is that there are very few triplexes in the known area--probably within a 5 or 10 mile radius--and none that had sold within the last 6-12 months as required by FNMA. The entity wanting "triplex comps" was the lender--not FNMA; I think they were still a little skittish, erring ridiculously to the cautious side after the crash. They didn't even ask the appraiser to go back and try to find triplex comps; they just said no.
After going back and forth with the broker, we decided it wasn't worth taking another chance with a different lender, paying for another appraisal only to get the same sort of outcome. So we decided we would stick with the commercial note.
I'm hoping the commercial rates are a little better than they were 5 years ago.
Post: What are current rates on small commercial loans (Charlotte area)?
- Davidson, NC
- Posts 34
- Votes 6
I'm getting ready to redo a 5/20 commercial balloon note, currently with a local bank (5 year note is due). This is for a triplex in the Charlotte area. Can anyone tell me what kind of rates I should expect, what is being offered by the local banks? What is the best financing you have seen lately?
Post: Hello from Lake Norman, NC!
- Davidson, NC
- Posts 34
- Votes 6
Hi BP friends!
I've been lurking for a while now, and figured I should go ahead and introduce myself. I'm in the Lake Norman area of North Carolina, just north of Charlotte. My husband and I rehab and rent old/historic houses. We'd like to expand into the multifamily and commercial markets.
I am passionate about historic preservation and am currently working on tax credit eligible renovation projects.
I am thankful for all the knowledgeable folks who share knowledge and experience on BP--what a great resource. I plan to ask many questions. If my experience or knowledge can be of help, I am glad to share.