Commercial Mortgage Chicago: 2011

Commercial Mortgage Chicago

Commercial Mortgage Chicago
FHA 232 LEAN - FHA 242 - Build Amercia Bonds FHA 242/223 F Hospital Refinance

Thursday, December 29, 2011

Apartment Lender: Apartment Loan Rates decline Treasury Rally yester...

Apartment Lender: Apartment Loan Rates decline Treasury Rally yester...: Treasury Aces .91% 5 yr 1.41% 7 yr 1.91% 10 yr 2.91% 30 yr Apartment Loan Rates Indicated by treasuries

Sunday, September 18, 2011

Small Apartment Loans Chicago - Fixed Rate Non-Recourse Low Cost Apartment Loans Nationally: FNMA SMALL APARTMENT LOAN THE PROCESS

Small Apartment Loans Chicago - Fixed Rate Non-Recourse Low Cost Apartment Loans Nationally: FNMA SMALL APARTMENT LOAN THE PROCESS

The Process - These loans have a process and they require good documentation. A commitment or rate lock will not happen until all the reports are in and all of the underwriting is complete. Once the commitment is issued, a rate lock and closing can be done quickly. If a loan does not fit the program an application will not be issued.

We will review some basic information about the properties historical income and the borrower's financials situation and then issue a quote. If the borrower likes the quote they will receive and sign the application and send the application deposit. The appraisal and other reports will be ordered. Once the reports are in and the borrower has submitted all the required documentation, the commitment will be issued. The borrower documents include organizational documents, personal financial statements, copies of bank statements, real estate schedules, property income and expense statements, rent roll, copies of leases as well as other forms.

Friday, August 12, 2011

Apartment Loan for busted Condo

Kendall arranges $2,100,000 first mortgage on Glenlake Apartments. The property was original rehabbed at a cost of close to $5,000,000 but the condo lender Private Bank discounted the loan by $1,000,000 and released another $500,000 from the property loan.

The borrower was given 12 months to receive a discounted pay-off by the original condominium construction lender. Several banks declined the loan but Kendall was able find a lender for the borrower even if he had very high leverage.

Kendall arranged a loan and it closed within two month from the signing of the bank agreement.

Monday, July 18, 2011

Apartment Loan Rates Remain Low as Debt Ceiling Debate Continues

Apartment Loan Rates FHA 223(f) near 4% Fixed 35 year loan
FNMA DUS Ten Year Loans in Low 5% plus range

Small Apartment Loans 10 year fixed around 5.50%

As the deadline gets closer on the debt ceiling
Gold has hit a record high above $1,600 an oz.
I trust that they will all get their act together this

Monday, May 9, 2011

Apartment Lender Commercial Mortgage Rates May 9, 2011

Apartment Lender Apartment Loan Pricing FHA 223(f) FNMA Large and Small Loans Commercial Mortgage Rates FHA 223 F 4.25% FNMA DUS 10 years low 5%

Monday, April 25, 2011 -Reserve at Evanston on the Market

EVANSTON, IL-HFF has been hired to market for sale the Reserve at Evanston, a 193-unit, Class A apartment complex here. HFF is marketing the property on behalf of the seller, a joint venture of Atlantic Realty Partners and Invesco Real Estate. The property is at 1930 Ridge Ave., near the downtown, adjacent to Northwestern University and less than one mile south of Evanston Hospital. Completed in 2003, the property features studio, one-, two- and three-bedroom units averaging 844 square feet each. Residents have access to an outdoor pool and sundeck, fitness center, bbq grill area and an Internet cybercaf√© and coffee bar. A heated underground garage provides parking for 219 cars and elevators give residents direct access to the garage and all floors of the community. The HFF team is Matthew Lawton, Sean Fogarty and Marty O’Connell. - State To Build $38M Police Forensic Lab - Daily News Article

Wednesday, April 13, 2011

APARTMENT LENDER COMMERCIAL MORTGAGES CHICAGO: FHA 223(f) Multifamily Loan Agency Loan Rates Apri...

APARTMENT LENDER COMMERCIAL MORTGAGES CHICAGO: FHA 223(f) Multifamily Loan Agency Loan Rates Apri...: "FHA 223 F rates are 4.75% for thirty five years - Agency 10 Rate for tier II ten years is 5.84% and the seven year rate is 5.46..."

Friday, April 1, 2011

Chicago Commercial Mortgage Apartment Rates April 1, 2011

Agency Multifamily Loan Rates 10 yr 5.80% - 7 yr 5.50%
Small Apartment Loan Chicago 5.95
FHA 223 (f) 5% $3 M and up 35 yrs

Banks 5-6% 5 years

Thursday, March 31, 2011

Commercial Mortgage Apartment Chicago Nationally Rates

FNMA Small Apartment Loans Chicago Apartment Purchase Refinance: 5.90% 10 yrs

Small loans $750,000 - $3,000,000 - 5.90% 10 yrs.

Apartment Loan Rates Agency 10 yr. 5.75% - 7 yr 5.40% FHA 223(f) 5% including MIP 35 yrs.

Refinancing of LIHTC apartments - Market Rate Apartments FHA 221(d)4 new construction for apartments.

FHA 232 LEAN financing takes over 6 months for refinances but rates are great.

New construction Assisted Living takes about a year under FHA 232 LEAN new construction.

We are working conventionally on deals

Friday, February 18, 2011

Bank Loans Apartment Commercial Mortgage

We have several bank lending programs available for Chicago, WI, MN and IN. rates start in the low 5% for 5 years.

FNMA DUS rates back up to about 5.85% for ten years The small apartment loan runs about 6.10% for ten years.

FHA 223(f) holding steady near 5% 35 years $3 million min.

Healthcare Assisted Living Nursing Home

FHA 232 223(f) just over 5% for 35 years.

FHA 242 Hospital Refinance 5.85% 25 years

Thursday, February 17, 2011

Zell-backed venture buys distressed Near West apartments | News | Crain's Chicago Business

Zell-backed venture buys distressed Near West apartments | News | Crain's Chicago Business

A venture backed by a Zell-led investment fund paid more than $13 million for Mod, a 56-unit condominium-turned-apartment development at 1222 W. Madison St., not far from Mr. Zell's West Loop offices.

County records show the venture bought property at the end of December from MB Financial, the project's construction lender, which repossessed the building from its developer about three months earlier.

The sale resulted in a major loss for Chicago-based MB, which filed a $19-million foreclosure suit against the project about a year ago.

Wednesday, February 16, 2011

Apartment Assisted Living Commercial Mortgage Feb 16-11

Bank Lending picks up Apartment and Assisted Living Refinances $3 to $9 million Chicago and Tri-State Area low 5% to 6%.

Apartment Loan rates are approximately the following for FNMA
and FHA 223(f):

Ten year FNMA Large Apartment Loan 5.90% to 6.00%

Seven year FNMA Large Apartment Loan 5.60% - 5.70%

For loans with 9.5 and 6.5 yrs. yld main. 75% - 80% LTV - 1.25 Min DSC $3 Million or greater
Loans with shorter yld. main. have a higher rate. Loans with lower LTV and higher DSC have a lower rate.

FNMA small loans are running between 6.15% and 6.25% for ten years min. loan size $750,000 and 6 units min.

FHA 223(f) apartment loan rates are just below 5% for 35 years.

It may be more work but it can save you in the long run. Min loan size typically $3 Million.

DSC 1.25 Max LTV 83.3% Cash Out Limit 75% LTV

FHA 232 LEAN - FHA 232/223(f) rates just over 5% due to slightly higher MIP (mortgage insurance premium) Processing time still very long, equity requirement much higher than the past, New construction deals are having the most trouble getting approved.  I get calls from many principals that would love to find an alternative construction loan for very good deals.  In other words construction lenders call me.

In other news the long slow wind down or "enhanced interrogation" of FNMA and Freddie Mac was proposed by the White Papers. The private lenders ( Maybe countrywide-II) would get to run the show again. Good news for apartment owners since down payments would likely go up and prices for homes likely down.

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