Can anyone recommend a bank to do a refinance on a collection of about 30 properties. Some type of blanket loan? Is it realistic to get 3 1/2 % on a fixed 15 or 30 year loan? I'm in the New York Area, What do you reccomend?
Its for my new soon to be partner. I recognized his need for liquidity and wanted to add value. We where discussing a particular property and he mentioned to use some of my money for earnest money on a property. I found him someone to handle the earnest money but also suggested he refinance some of his properties as a group because rates are pretty low. He claims says to have hundreds of properties and I believe him . I know a lot of the properties are in Williamsburg Brooklyn. I think the median sale price of recent transactions is $985,000 according to https://www.propertyshark.com/...
I'm wondering, how low of a rate can he get if he did this? I mentioned this idea and he told me to look into this.
What do you think is possible on a net basis how much would this type of loan cost. Is it 3.5 %? 4 %? For 30 year fixed?
The Federal Reserve is printing money now, likes crazy , and I think inflation is going to happen soon.
Lets assume I recommend a $5,000,000 , loan against his properties and there is 50% equity in the properties he commits as collateral and the average house is about a million.