interest rate negotiation

Is this a reasonable rate in this market? And can you negotiate rates with a bank? It seems high to me but I don’t know much about commercial loans. We’ve owned the property 14 years. --64.222.xxx.xxx

interest rate negotiation (by Barb [MO]) Posted on: Aug 8, 2018 5:46 PM
Message:

Unfortunately, that is about what the commercial loans are going for these days. The rates have gone up.

Ask for the 15 year payment rate and just pay it. It is really probably a 5 year ballon, that they will extend after 5 years up to a max of 30. --64.251.xxx.xxx

interest rate negotiation (by Old tex [TX]) Posted on: Aug 8, 2018 6:17 PM
Message:

As Barb said. Pay it in 15. You can find many mortgage apps that will give you a 15 year ammo. 5.75 is about right now for a 15 year fixed. --75.141.xxx.xxx

interest rate negotiation (by DJ [VA]) Posted on: Aug 8, 2018 6:22 PM
Message:

Seems like a decent rate to me. --68.10.xxx.x

interest rate negotiation (by Nellie [ME]) Posted on: Aug 8, 2018 7:01 PM
Message:

Thanks. Appreciate the info. --64.222.xxx.xxx

interest rate negotiation (by plenty [MO]) Posted on: Aug 8, 2018 7:13 PM
Message:

To get my commercial loan term payment lower I was able to ask for my 5 year to be amoritzed over 30 years instead of what they offered which was 15 year amortization. --99.203.xx.xxx

interest rate negotiation (by JB [OR]) Posted on: Aug 8, 2018 9:38 PM
Message:

It wasn't so many years ago many of us would have killed for a commercial (or any loan) rate like that. My, how times have changed. --50.45.xxx.xxx

interest rate negotiation (by myob [GA]) Posted on: Aug 9, 2018 6:41 AM
Message:

I have had my closing atty on a HELOC call the bank and get it lowered before closing-- but we're only talking 1/4% or so. Really not enough to NOT close if it were denied.

Can U tell us why your borrowing against the property-- buying another? or just cashing out? --99.103.xxx.xxx

interest rate negotiation (by Robert J [CA]) Posted on: Aug 9, 2018 8:19 AM
Message:

This is one reason to go through a mortgage broker. They will make dozens of calls on a clients behalf and shop for a mortgage. If they can't close a deal they make nothing.

When I went through MrLandlord Loans, they obtained an appraisal so they could get the most money out through a re-finance. --47.156.xx.xx

interest rate negotiation (by Nellie [ME]) Posted on: Aug 9, 2018 8:52 AM
Message:

It’s a refi with cash for (finally) replacing the slate roof on one of the buildings. I so want to just get it paid off, but the current loan has been in the adjustable phase for several years and I really need to get the roof done instead of relying on flashmate to keep the water out. --64.222.xxx.xxx

interest rate negotiation (by myob [GA]) Posted on: Aug 9, 2018 2:36 PM
Message:

Nellie how much is this roof costing that you that need a 30 year loan? How many squares you needing?

Have you thought-- put the supplies on credit card and pay cash for labor? The closing cost for a mortgage has got to be crippling? give some details maybe we can give you different options. --99.103.xxx.xxx

interest rate negotiation (by plenty [MO]) Posted on: Aug 9, 2018 2:47 PM
Message:

Id9use zero percent credit cards for such. --99.203.xx.xxx

interest rate negotiation (by pmh [TX]) Posted on: Aug 9, 2018 4:20 PM
Message:

I can imagine replacing a slate roof is very expensive. in current commercial rate environment that is ok rate. but negotiatie 30 year am to reduce monthly required payment and just pay extra principal each month as able. --104.218.xxx.xx

interest rate negotiation (by Pmh [TX]) Posted on: Aug 9, 2018 4:25 PM
Message:

btw: sure you can shop rates. so do so. as suggested-use a broker. I do this all the time to line up financing for hotels. not sure how much you looking for, with loan sizes I do I have more negotiating room. for small commercial you don’t. still. call around. --104.218.xxx.xx

interest rate negotiation (by Nellie [ME]) Posted on: Aug 9, 2018 7:26 PM
Message:

It is more than a straight roof repair. I am modifying a two story addition to increase the roof slope, adding 2” foam insulation with venting, bringing an unused chimney below the roofline, and properly venting a bath fan. I am tired of dealing with ice dams!!!

The property already has a mortgage. We are just taking a cash out also for this job. As we have holding this roof together with liquid flashmate for at least 10 years. Time to be done with it! --70.16.xx.xxx

interest rate negotiation (by Chris [CT]) Posted on: Aug 11, 2018 8:55 AM
Message:

Sounds about right.

Ask the bank if they will do an adjust every 7 or 10 years, interest rates are going up! --24.45.xxx.xxx

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interest rate negotiation

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