Investor · Macomb, MI · Member since 2016 · 121 posts · 8 votes
What are some good quick reference websites to check commercial loan rates for an apartment building? I'm looking at different buildings and don't want to keep calling my local bank contact at 1st State Bank for numbers. And waiting for him to call me back.
Do you guys have any secrets on how to find a quick, current, accurate interest rate, amort period, term? Is there an online calculator to find these numbers quickly?
I struggle with finding accurate current rates when running numbers on a building that I may be interested in. Some sites give partial info, incomplete, or confusing numbers.
Lender · Dallas, TX · Member since 2015 · 283 posts · 128 votes
10y
Todd
Try following commercial mortgage yield spreads as a way to gauge mortgage rates. The data is published and is more readily available. Yield spread do change but are a bit more stable. The terminology you will hear is "yield curve". Movement in the yield curve are directly related to yield spreads.
Alternatively, you can call several of your banks, and establish what their yield spread is relative to the comparable t-bill. as the t-bill changes you can gauge what that particular bank is likely to charge.
Comparing the national average spreads to your local lender will give you a good idea if your getting a good deal from your bank. For example if a 10yr mortgage yield spread is 225bp over the 10 yr t-bill and your bank is quoting 300bp, it might be that they are over charging. Keep in mind that for apples to apple comparison, your mortgage credit profile may negatively impact your quoted rates.