April 09, 2009 –
Recent Loan Closing
$1,450,000 office-warehouse property
6.25% fixed for 5 years
5+5/25 term
small prepay
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Current Rates as of 4/09/09:
Apartment Loans
$500K – $2MM: 6.0% for 3yrs/6.375% for 5yrs, low cost, 80% LTV, 1.20 DCR, 30yr am.
$1MM – $3MM : from 5.65% for 5yrs/5.85% for 10yrs – recourse, Fannie Mae
$3MM+ : from about 5.35% for 5yrs/5.65% for 10yrs – non recourse, Fannie Mae
Commercial:
from 6.5% 10/25, 3,2,1,0 prepay (Best deal in town for 10 yr fixed $1MM-$3MM)70-75% LTV, recourse
$2MM+ : from 6.0% 5+5/25 / 6.75% 10/25 – Life Company – needs low leverage – non-recourse
$500,000+ : a few lenders with 5-year money from as low as 6.0%/6.25%
Other 1st Quarter Closings:
$1,650,000 – 6.22%, 5/30
$1,150,000 – 6.375%, 10/25
$770,000 – 6.625% 5/30 (out of state borrower)