commercial property loan

[Wobble]

I have been looking to finance commercial property (office/warehouse) and have been offered 6.81% (to be fixed at closing) on a ten year 20 amortization loan of 480K, 1% origination fee at closing, it seems to be a decent offer to me, what do you guys think

 

[Wobble]

anyone?

 

[cigracing1]

Not sure about the laon but i can insure the property/GL

 

[Offshoredrillin]

go into lomax 5.5 thread and ask him there.

 

[Dreamer]

I have been looking to finance commercial property (office/warehouse) and have been offered 6.81% (to be fixed at closing) on a ten year 20 amortization loan of 480K, 1% origination fee at closing, it seems to be a decent offer to me, what do you guys think

sounds good... may get better if u can hold out... whats the debt coverage ratio of the prop? apraised value? NOI?

 

[Wobble]

sounds good... may get better if u can hold out... whats the debt coverage ratio of the prop? apraised value? NOI?

Thanks Dreamer,

property appraised at 600K so 20% down, NOI is that net operating income?

The bank is one of the top two in size

 

[spilman]

From the little I know about commercial, it sounds very good....commercial developers are the next large group to take the hit. Once the economy stays down, like it has, the commercial properties that have been operating on a slim margin are under...with lenders so tight it doesn't take long to see the results. Here, in central NC I know of many bankruptcies and auctions. I would assume this will make it more difficult to borrow for commercial property; stands to reason.
sidenote: Today the held an auction for the latest, most expensive development in Raleigh; started 2 yrs ago w/lots from 350k-1mil & homes from 850k-6mil....Now that may not seem that expensive, but for this area it was the "chit". A few retired NFL players and some of the Carolina Hurricanes live there. I'm sure they sre thrilled about the developers filing for bankruptcy! Also, a newer mall in Durham, NC SouthPoint, just filed chapter 11...
Not to tread on your thread...carry on

 

[Lomax]

I have been looking to finance commercial property (office/warehouse) and have been offered 6.81% (to be fixed at closing) on a ten year 20 amortization loan of 480K, 1% origination fee at closing, it seems to be a decent offer to me, what do you guys think

hey bro...contact Camille Marotta of Unity Mortgage. Thats whos i refer all of my commercial loans to. her email is crmmarotta@aol.com and her cell is 732-539-9300 and please tell her Bernie told you to call

Happy Holidays