All Forum Posts by: Christopher Roberts

Hello,

I have four units to turnover in my building and realize I can do it all myself.  Anyone have recommendations on contractor that can turn the units fast with high quality? Thanks!!

@Heather Easterbrook, @Joel Owens  Thank you both for the  insights!!  Your feedback has given me more to consider with this deal and things to look out for.  Truly appreciated. 

Hello,

Currently working on my second deal which is a 15 unit apartment building.  We have signed purchase agreement, but I am struggling to find company that will finance loan under $500k.  Any recommendations would be greatly be appreciated!!!

@Greg Dickerson I agree about the upfront fee, seemed stranger but this the first deal I am doing with a broker so was unsure. Does the 2% fee amount seem reasonable?

@Geordy Rostad. Thank you for the feedback. I’ll definitely look at a few more options and compare.

Hello, looking for insights on a proposal received from a commercial mortgage broker. The loan is for a multi-family apartment building. The proposal I received has the following facts:

• Total fee is between 2.1% and 2.5% depending on how much time the mortgage broker has to spend getting the deal done.
• Fee is due in phases before closing (1st at proposal acceptance, 2nd at issuance of lender commitment, 3rd schedule loan closing).
• These fees are in addition to any fees charge by the lender, which will be provided after I accept this proposal.

In reviewing this proposal, the variability in the rate charged and the fact that the fee is due before loan is closed gave me some paused. In addition, if they place this loan with a lender that charges 1-3%, I could be as high as 5% in loan fees. As some additional background, I will be putting 20%-25% down, excellent credit score, and this is my 2nd commercial property deal. Any feedback would be greatly appreciated!