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Commercial Lender (RE) recommendations
Posted on 6/4/19 at 2:59 pm
Posted on 6/4/19 at 2:59 pm
I’m looking to purchase a building to move my office to, but do not know much about commercial real estate.
Are 20 year loans, with a 5 year rate lock common? Is the rate traditionally 50% higher than a residential mortgage?
Any recommendations on which institutions have the strongest packages right now?
Are 20 year loans, with a 5 year rate lock common? Is the rate traditionally 50% higher than a residential mortgage?
Any recommendations on which institutions have the strongest packages right now?
2
Posted on 6/4/19 at 3:11 pm to Slickback
Where are you? How old is the building? Will your company be occupying over 50%? How much equity are you looking to have in the property?
With no information those terms aren’t terrible, but could definitely see them improving based on the answers to the above questions.
With no information those terms aren’t terrible, but could definitely see them improving based on the answers to the above questions.
Posted on 6/4/19 at 3:40 pm to Slickback
Like the poster above said. Alot of factors can go into it, but baseline that seems about right.
This post was edited on 6/5/19 at 10:20 am
Posted on 6/4/19 at 3:57 pm to Hermit Crab
Building was built in 1950s, Metairie, 20% down, I’ll occupy 100% (possibly lease a couple offices out)
Posted on 6/4/19 at 4:05 pm to Slickback
Slickback I am a commercial lender with a bank and can help you. We could potentially do a 20 year fixed rate as it is owner occupied. Email me at dcampb1@gmail.com your contact info and we can discuss more details.
Posted on 6/4/19 at 4:14 pm to Slickback
On a building that age 20 years would probably be about a long as you could get. And with 20% down those terms seem about right unless you are personally very strong (liquid)
You leasing out offices may affect how a bank views it (owner occupied vs non owner occupied) due to having to change the reporting of it. Just make sure you and your personal business stays over 50%.
You leasing out offices may affect how a bank views it (owner occupied vs non owner occupied) due to having to change the reporting of it. Just make sure you and your personal business stays over 50%.
Posted on 6/4/19 at 5:03 pm to Hermit Crab
Hermit crab you are correct. Some banks will go down to 40% and call it owner occupied.
Posted on 6/4/19 at 5:11 pm to soupboy10
YGM
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