got a bit of sticker shock at 6.7% 30 year fixed with 5 year pre payment penalty. Prior loan was done literally a month ago at 5.5% and 3 year pre payment. Is 6.7% really market rate now? Plenty of experience already, great credit and property cash flows fantastically. I was hoping for like 6%.
Investor · Bethlehem, PA · Member since 2016 · 929 posts · 951 votes
4y
@Kevin O'Brien I work for a lender and best case scenario we're seeing is low 6%'s. You can consider an interest only option for even better cashflow. We offer a 10-year interest only option, amortized over 30 years.
got a bit of sticker shock at 6.7% 30 year fixed with 5 year pre payment penalty. Prior loan was done literally a month ago at 5.5% and 3 year pre payment. Is 6.7% really market rate now? Plenty of experience already, great credit and property cash flows fantastically. I was hoping for like 6%.
Kevin,
If the loan is over $3MM, probably around the mid-4 % range now and I may be to help.
got a bit of sticker shock at 6.7% 30 year fixed with 5 year pre payment penalty. Prior loan was done literally a month ago at 5.5% and 3 year pre payment. Is 6.7% really market rate now? Plenty of experience already, great credit and property cash flows fantastically. I was hoping for like 6%.
Yup. That's where we are. Most floor's are 6% or more.
got a bit of sticker shock at 6.7% 30 year fixed with 5 year pre payment penalty. Prior loan was done literally a month ago at 5.5% and 3 year pre payment. Is 6.7% really market rate now? Plenty of experience already, great credit and property cash flows fantastically. I was hoping for like 6%.
@Kevin O'Brien What's your FICO? I work for a DSCR Lender and we're seeing rates in low-mid 6's.