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And how do they differ from residential mortgage rates? We will also be looking at terms, because terms work so closely with rates.
Commercial property rates work quite differently from residential property rates. Generally with commercial property rates, the higher the number of years of a loan, the higher the interest rate, while with residential property rates, the higher the number of years of a loan equals a lower interest rate.
June 10, 2015
Going for the lowest rate could be a good practice generally. But, as we covered in the previous blog, there are quite a few lenders who quote a rate too low to hook you into working with them. Later on when you are well into the loan process, they give you a higher rate than originally quoted. They may tell you that rates have gone up, but the problem is they changed the rate artificially to try to get your business.
This most recent past article also covered what you can do to help prevent this from happening.
Why? Even though there are arguments lenders could give you that you should go with them because they are quoting you a low rate at the inception of the loan process – the low rate quite possibly is deceptive.
A lender can quote you anything they want to quote you at the beginning of the loan process. Because you are not trained in commercial loans, whatever they quote you, you very well could believe.
December 17, 2014
Last week, this blog was about 5 reasons why the Fannie Mae apartment loan is the best in America. If you are in the market for apartment loans, you need to be familiar with the Fannie Mae program.
There are so many multifamily investors who don’t know about the Fannie Mae program. Many of them use banks only and are not aware of this great program.
The second part of this blog is about how to qualify for a Fannie Mae loan.
But first, here is a summary of last week’s blog:
December 03, 2014
The Fannie Mae apartment loan is the best apartment loan in America.
A Fannie Mae loan is a loan that is not the traditional bank loan. It is a government backed loan also referred to as an agency loan.
Why is a Fannie Mae apartment loan the best apartment loan in America?
September 12, 2014
If you want to become a landlord, you need to understand the concept of apartment building mortgages. These are commercial real estate investments that generate rental income for the proprietor. To get the lowest rate apartment loans, here is some essential information that every investor should know.
September 05, 2014
August 19, 2014
It takes putting the customer in your mind’s eye as the most important part of your business. Yes, the customer comes first when it comes to running a multifamily loan business and commercial loan business.
Our attitude needs to be, “How can it be any other way?” Either you are for the customer or you are not, because if you are compromising your customer service, you are not very much for the customer. At ApartmentLoanStore.com, a division of Business Loan Store, we are very proud of our A+ Better Business Bureau rating.