Commercial loan for multi-family
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[{"id": "fytcpzy", "text": "Feel free to PM me directly", "replies": [{"id": "fytdpns", "text": "Hi there, do you have some connections for loans?", "replies": [{"id": "fytdycb", "text": "Yes", "replies": [{"id": "fyteuw8", "text": "Check your account. I can't send you PMs or chat.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fytgg0z", "text": "In Southern California, Chase Bank, in my opinion is the \u201cgo to\u201d for MF financing.", "replies": [{"id": "fytl6xl", "text": "Thanks for the info. I'm looking for lending in NC, which doesn't look like Chase does.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fytm3ri", "text": "Where in NC?  Message me and I can get you connected to the local bank we use.  Recent 10-unit we did was 4.25% / 25 year am / 5 year fixed.\n\nAlso, what\u2019s the total loan amount?  If it\u2019s above $1m, agency multi family (Fannie/Freddie) is an appealing option at the moment.  We\u2019re working a deal on a 26-unit building in the upper Midwest and the term sheet I just got was 3.65% / 30 year am / 10 year fixed w/ first 2 years IO).", "replies": [{"id": "fytrnnf", "text": "What institution is giving you this rate on the 26 unit? How much down?", "replies": [{"id": "fytrumj", "text": "80% LTV, $1m minimum loan amount, whole host of other qualifying criteria.\n\nI\u2019m working with a local broker, but at the end of the day it\u2019s a Freddie Mac SBL program loan.  Fairly commonplace, any broker that does larger MFH should have access.\n\nEdit: here\u2019s a good overview for those who haven\u2019t come across agency multi family lending before - http://www.crefcoa.com/freddie-mac-small-apartment-loan-program.html", "replies": [], "depth": 3}, {"id": "fytspjr", "text": "I\u2019m getting 3% flat money on ~20-30 unit deals right now. Lots of liquidity in multifamily market right now", "replies": [{"id": "fyv39sl", "text": "Agency MFH or another lender?  Always looking for other options.  The Agency deals are solid, but now they're requiring 12-18 months of DSR locked up until the current COVID situation is under control and the pre-payment penalties can be a bit onerous.", "replies": [{"id": "fyvf8td", "text": "And banks", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fytn6sl", "text": "I would bet the problem is loan size.", "replies": [{"id": "fytnewx", "text": "Ya, likely is. I'll update above that the loan size is roughly 500k (PP mid 600s).", "replies": [], "depth": 2}], "depth": 1}, {"id": "fytnjif", "text": "What are you wanting that is outside the box?  Longer am, little down, extended IO, limited guarantees?", "replies": [{"id": "fyto1mp", "text": "Longer AM. Most places do 10 or 15. Would be nice to be 20 or above. Most places I've contacted aren't doing loans due to COVID, others want only clients they've previously worked with in the past.", "replies": [{"id": "fyto8fn", "text": "Do you mean term? 10 or 15 year amortization is not standard for multi-family.", "replies": [{"id": "fytql9p", "text": "Ah, yep, sorry. 10 year term with balloon, 15 with full amortization. Is that standard?", "replies": [{"id": "fytrt2g", "text": "Been running into this exact issue. Being under $1M is a problematic price point. Can only get funding by the local banks/CUs or a non traditional financial institution.", "replies": [{"id": "fytt1ng", "text": "Plenty of places will do it but you don't have any leverage to get outside their underwriting criteria. If you want a 5/20 with a 1.5x DSC then take your pick of banks right on up to the big boys (even though it might be a centralized desk on the other side of the country).  If you want a 20/30 with a 1.15x; move along, not worth the time &amp; effort.", "replies": [], "depth": 6}], "depth": 5}, {"id": "fytsh13", "text": "10 is longer than most places will go without a rate call/reset (5 &amp; 7 year terms are standard).  You're lucky to find somewhere offering a 15 fully amortizing that works with a purchase so you must be putting a healthy amount down.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fz56v84", "text": "I have a great lender in Winston Salem if you are local to there. 3.5% for commercial right now.", "replies": [{"id": "fz5pwk9", "text": "I'm on the West coast, unfortunately. That sounds like a great rate.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fzhmxei", "text": "Not sure if you found someone but I\u2019m a commercial lender and can lend in metro parts of NC. 20% down, 5 year term and max 25 year amortization at 2.70%, no origination fee", "replies": [{"id": "fzjirob", "text": "Those are good rates. I sent you a chat msg.", "replies": [], "depth": 2}], "depth": 1}, {"id": "g8j9qki", "text": "I can get you great funding with my private lender. They can build lines of credit or offer loans under 1% interest with 10% down (as long as the deal is over $1mil)\n\nShoot me a private message.", "replies": [], "depth": 1}]