Investor · Princeton, NJ · Member since 2016 · 10 posts · 0 votes
Hi RE Gurus,
I am looking for a Refi of a couple of my small commercial properties in NJ, I am trying to pull cash out for the next investment. I found out that the local banks offer the best deals, but its a time taking process to call each and everyone and most of them they don't do for commercial properties. Is there any Portal that has the latest available rates so that I can call a few banks in NJ?
Or if you know anyone who can do the commercial mortgages in NJ? Both properties valuations around 450K - 500K of each. And also I will be needing a loan for my future investment around 2-4 MM.
I know they aren't local, but I actually found TD Bank has the best rates and is the easiest to work with. I also like HSBC and Lakeland Bank. I have contacts at all 3 if you'd like.
Mortgage brokers perform this service. It's what they do.
Here's the elevator pitch for brokers:
Mortgages are more than just rates and amortizations. I liken the initial interview of a borrower to Plinko on The Price is Right. The borrower is the chip and the pegs on the Plinko board are the various obstacles to a borrower getting the right program (closing the loan is an entirely other Plinko board). Full doc, lite doc, no income verification, no seasoning on title, limited seasoning on title, this lender doesn't like condos and the other wants the entire condo project, seasoning on down payment, reserves; they're all reasons to go with or not go with a specific lender and a GOOD mortgage broker will point you in the right direction. The initial interview of the borrower is the key to a smooth transaction. Start in mud, end in mud is the builder's saying and it's the same with financing.