Non-Recourse Loan Lenders
I am looking to finance a property with a Profit Sharing Plan. This is my first non-recourse loan. I contacted North American Savings Bank, and I'm hoping to find other lenders to compare the rates. The NASB rates were a bit higher than expected:
The loan amount is determined by the property condition, cash flow, retirement reserves, and recent property history. We have a minimum $50,000 loan amount and require some reserves to be shown in any retirement account bearing your name. The bank fees for a purchase transaction are 1% of the loan amount (1.5% if it is a cash out that is owned greater than 6 months) plus $695 in processing/underwriting fees.
The interest rates for a non-recourse loan are as follows:
-4.875% for a 5/1 ARM amortized over 20-25 years
-5.375% for a 10/1 ARM amortized over 20-25 years
-5.0% for a 10 year fixed loan that is amortized over a 10 year period
-5.375% for a 15 year fixed loan that is amortized over a 15 year period
-5.75% for a 20 year fixed loan that is amortized over a 20 year period
-Special quotes may be given for multi-family property 3+ units, rural property, and high rise condominium units