Forgotten Your Password?

Need to Register?

Question Icon

Refi an apartment building loan

Looking to refi an existing apartment building loan. Presently its 5.75 with a balance of 630,000. Credit score is 780 and owed for 5 years (5 years left on loan). Also, what are the costs (points, fees, etc....) associated with this type of loan by Steve Wein from , New Jersey. Dec 7th 2011 Reply


Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

Hi Steve, More info is needed. If you would like a free consultation contact us. Thanks, Michelle & Benny 201-962-3555 TeamAmbassador@BestMortgageOption.com

Dec 7th 2011
0
0
Patrick Cashman MNLS# 215938 (pcashman)
#25 ranked lender in Pennsylvania - 18 contributions

Hello Mr. Wein,I have put this question out with the limited information provided to get you at least an estimated answer to your question. A detailed interview would yeild more complete results but I know you are simply researching right now so I want to give you a starting point. By estimating this information publicly it immediately makes it available to be under quoted as It sets a bar to be beat. Either way you win. This is again only one lender and you should consider talking to whomever you currently bank with as well. I am a residential loan officer and this is not something I can originate myself or in any way my area of expertise but am passing information from one of my colleges that I respect for his professionalism and experience and would be glad to have you contact him directly. I gain nothing from this other than the satisfaction that I am able to help in some way. You can call me directly at 215-968-0100 x303 - Patrick Answer:Obviously for this commercial loan lots of stuff needs to happen like an application, qualifying for the loan, supplying supporting documentation and everything to meet an underwriter's approval. You would need to talk directly to a lender to determine a more accurate breakdown of everything entailed to apply for a loan and recommend that you talk to few as sometimes the options and products vary.In regards to a refi of an apartment building we would be open to it. The one that you reference is in NJ, do you know where in NJ? We normally don't want to do single loans but we are open to trying to build relationships where we can also get a deposit relationship. You reference a current rate of 5.75%, I wouldn't be able to do much better than that maybe 5.00% - 5.25% on a 5 year adjustable. In regards to fees we normally charge a 1% commitment fee a documentation fee of $300.00, if the request is over $1MM we have to have our attorney review the documents and his fee is usually between $900.00 - $1,500.00 depending on the complexity on the loan. We would need to get an appraisal, title insurance and sometimes a phase 1 report. Hopefully, this is a start to answering your questions.

Dec 8th 2011
0
0

Thank you for your inquiry. My name is Rocky Cioffi. More information is needed to give you an accurate rate quote. Commercial rental property is not treated as a residential rental property. While you credit score is very good and length of ownership is sufficient, items like cash flow, operating expenses, value of property, schedule of real estate, verofication of all income, are you pulling cash out, and numerous other items and documentation is needed. I am sure you want to deal with a reputable person and company , and obtain ACCURATE information. Be very wary of anybody that gives you a rate quote with the information you provided. It is impossible.I in the mortgage industry over 22 years. I would be more than happy to discuss the particulars, and then give you accurate information, closing costs,, and rates on available programs.You may contact me at 732-735-4280.. If you wish, you may also contact me via email at mortgagexpress1@aol.com. Thank you for your time.

Dec 10th 2011
0
0
Rudi Hofmann (CaPortfolioLoans)
#282 ranked lender in California - 380 contributions

On a 5+ multi-family property, rates, fees and the lender's risk levels vary upon the lender. After submitting a commercial loan request, the lender, if interested, will provide you with their offer. ... Good luck. ... Happy funding, Rudi

Dec 10th 2011
0
0
Subscribe to our news feed.