Get commercial mortgage loan quotes without LOI or under contract
Any recommendations for where I can get commercial mortgage loan quotes without LOI or being under contract? I do have specific properties in mind that I want to purchase (multifamily, STNL retail, and office in NV) but their financial feasibility depends on what mortgage rate I can get. Many of the broker websites require LOI or detailed rent rolls or financial statements, but I just want to get a rough quote since I don't really know where the market rate is at right now. Any tips appreciated!
[{"id": "id3i0u1", "text": "Call a bank and talk to them about what they are offering, they will have a couple generic questions and be happy to talk about roughly what they offer. They will probably have a range for rates based on how you qualify.", "replies": [{"id": "id3lar8", "text": "Any banks you recommend?", "replies": [{"id": "id3m4q0", "text": "Call all your local community type banks with a commercial department. Unless you are talking big time dollars the big name banks won't be of help.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "id3l064", "text": "I work at a lender and a lot of the stuff in NV we are quoting 185-200 bips above RF:dependent on term", "replies": [{"id": "id3l943", "text": "Thanks for your reply! What is RF?", "replies": [], "depth": 2}, {"id": "id3lsyf", "text": "Wow that seems pretty low, is that stabilized assets only?  And what attachment point would that be at?", "replies": [], "depth": 2}], "depth": 1}, {"id": "id3skxv", "text": "If you need new bankers ask your broker for a referral. The bankers are even more eager to work with a referral and will you give you a term letter", "replies": [], "depth": 1}, {"id": "id3vzxq", "text": "Just post deal parameters. We can opine here generally. \n\nAlthough rates and lender risk tolerance is changing almost daily.", "replies": [{"id": "id3y2xf", "text": "$2.4m property value, single tenant net lease in North Las Vegas. 10 years left on lease, cap rate 5.1%. Tenant is a preschool. 7k sq ft. Want to take out 80% LTV loan.", "replies": [{"id": "id423es", "text": "Unless that tenant is super strong I don\u2019t think you\u2019ll get 80%. \n\n70-75%, 5% 5 year fixed 20 year am. No balloon. Full PG. no deposits at lender unless you want to build relationships. \n\nMy $0.02", "replies": [{"id": "id43j2a", "text": "Ty for ur 2 cents. Is PG personal guarantee? Meaning even if I use an LLC this can go after my personal assets?", "replies": [{"id": "id43own", "text": "Yes and yes.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "id433c0", "text": "You\u2019re going to have to go local bank. Big boys won\u2019t waste their time on a potential deal (even in good times), and right now there is so much mayhem in the capital markets you\u2019re just going to hit a brick wall. You need a small broker to help you navigate. Try Marcus and milichap", "replies": [], "depth": 1}, {"id": "id4qamp", "text": "Usually approx. credit score, building purpose, and cash-flow are enough to get a quote on most commercial buildings. \n\nI might get shit for this, but I would just work with a loan broker as they\u2019ll save me money in the long run.", "replies": [], "depth": 1}, {"id": "id5d10p", "text": "5.1% cap rate will see the loan coming in at a lower LTV as you will be constrained by 1.25 DSCR. Go with 6% if using an A lender such as your primary financial institution. Note that you will need to price in the fact that the rate is likely to increase by another 50-75 bps in July.", "replies": [{"id": "id7bte2", "text": "Thank you! Very helpful.", "replies": [], "depth": 2}], "depth": 1}]