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Answers
I am beginning the process of applying for a commercial mortgage loan for an owner (me)-occupied retail property.
I found a site and they say they will submit an application to 50+ lenders but they want $200 for the service. Am I getting ripped off?
This is a legitimate question! I'm not shilling and please honest info and experiences! Thanks!
Is it going to be more difficult to secure a 800K Commercial Building loan than say 6 months ago? I will be in the market for that kind of loan in the next week or two and haven't a feel for the market right now.
Commercial loans have not taken the same hits as residential. Underwriting for residential loans had become beyond ridiculous allowing everyone to get a loan, whether they could make the payments or not.
Commercial lending has been constant in its criteria, thus it has remained stable.
Are there positions out there with opportunity to earn $$$ on a commission basis? VERY interested party here.
Commercial is mostly done through banks of the company but you can find smaller private offices that do some commercial work. I know they, for the most part, want you to have experience say in residential as commercial is similar. Not something they hire first timers for. But, yes there is a market. I'd suggest going residential first, less work lots of money and better hours.
When we got our commercial loan, our loan officer told us that "all commercial mortgages are ARM." Although we got in on the low interest rate boom 4 yrs ago, our payments are now almost doubled. Any suggestions?
If it is a commercial loan then most of the programs are ARM's. Most of them also have a balloon payment. However, there are fixed rate options. The rates are usually so ugly though it isn't worth doing it (at least on the commercial side). Some of the rates on commercial are in the 5's right now. E-mail me with your scenario and I can give you a quote on another 5 year ARM, a 10 year fixed, and a 15 year fixed. Depending on the property type will depend on whether you can get a term any longer than 15 years.
I know any property with 4 units or more is considered a commercial property. That being said, can I apply for a regular mortgage for a property that has 3 units or less, or do I still have to apply for a commercial loan?
Yes you probably can. There are many homes like that here in seattle, i had a buddy that was going to do it, but his plan was to make one of the 4 units in the residence his private residence and his banker was going to let him use a traditional mortgage.
You should probably go to your bank and ask the branch manager. If that bank dosn't do it ask them if they know of any other banks that might.
I have found a good business opportunity in a 6 unit apartment building however I am short on capital. Are there any inventive ways to receive funding for such a venture? How did you find the money to buy an apartment building?
If you have a good idea, convincing the salesman or with a good cosigner. I found interesting information about your answer & the best options here.
http://all-mortgage-calculators.blogspot.com/2007/07/mortgage-loans.html
Good luck!
Fed Receives $1.3 Billion In CMBS Loan Requests Under TALF NASDAQ
NEW YORK -(Dow Jones)- The Federal Reserve received $1.3 billion in loan requests from investors to buy commercial mortgage bonds under the Term Asset- Backed Securities Loan Facility, or TALF, according to data released Monday.
This program is part of the central bank's efforts to jump-start the dormant commercial mortgage realm.
While the last round of TALF included the first new commercial mortgage bond in more than a year, this time there are no such bonds. However, in the interim, two new bonds were sold to investors, who were keen to buy these securities without government support. Many industry participants see this as a sign that financing is open for those companies with stellar credits.
The Fed's TALF program also allows for the purchase of existing securities. The Fed has announced a rate of 2.7435% on a fixed, three-year loan and 3.6241% on a five-year loan.
The central bank reserves the right to use its discretion in awarding these loans requests, and not all securities that satisfy its terms may qualify for the loan. Last time, the Fed unexpectedly rejected three securities without any explanations. This threw investors and market participants into a tizzy, and is likely to affect participation this time.
News
Hotel Loan Requests Down 99% in Fourth Quarter - Real Estate ChannelReal Estate Channel, FL - Feb 16, 2009
Hotel Loan Requests Down 99% in Fourth Quarter He adds, "Decreases in total commercial/multifamily mortgage originations continued to be led by a drop in commercial mortgage-backed security (CMBS)Reuters - Feb 13, 2009
WIVB (The following statement was released by the rating agency) Feb 12 - Fitch Ratings has affirmed and assigned Rating Outlooks to GMAC Commercial Mortgage Fitch Downgrades 7 Classes of Concord Real Estate CDO 2006-1, Ltd
San Diego Union Tribune, CA - Feb 10, 2009
China DailyMortgage group warning of commercial foreclosures By Emmet Pierce As the federal government scrambles to prop up financial institutions weakened by home loan failures, a report from the Mortgage Bankers Commercial, multifamily mortgage originations fall New Crunch Ahead--- $171B of Non-Bank Commercial and Multifamily Building apartments and shopping centers? Don't count on a loan -
Bloomberg - Feb 13, 2009
Heritage.org The TALF may expand the range of collateral for the program to include commercial mortgage-backed securities and private-label residential mortgage-backed Banks, investment firms borrow less from Fed
NJBIZ, NJ - Feb 16, 2009
NJBIZCracks in the Foundation Kevin Cirello, MTD Express [Steven J. Dundas] With commercial real estate mortgage delinquencies rising in the Garden State, experts see the growing number
