Commercial Mortgage Chicago: February 2011

Commercial Mortgage Chicago

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

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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