The below is the latest update from CBRE's Debt & Equity team that covers Michigan, Ohio, and Indiana. The important points seem to be 1) financing is available, and 2) though slightly higher rates than borrowers might like, its non-recourse.
Permanent Financing for Stabilized Assets
We continue to see signs of life in the credit markets. Banks largely remain on the sidelines, with the exception of community banks and credit unions. Life companies continue to cherry pick financing trophy assets in trophy markets with trophy sponsors. However, portfolio and balance sheet lenders are offering an alternative way to finance stabilized properties on a non-recourse basis.
I wanted to spotlight a loan program that will finance deals in the Midwest:
• $5 - $50 million
• 3-5 year term, may go longer in select cases
• Up to 75% LTV on “as is” value
• Acquisition or refinancing
• Stabilized multi-family, retail, office and industrial properties
• 7.0% - 8.5%
• Amortization up to 30 years
• 1.00% origination fee to lender
• Escrows for taxes, insurance, replacement reserves, tenant improvements/leasing commissions and immediate repairs
You enjoy the weekend, have a great trip, and then you may be home Sunday morning, getting ready for school on schedule on Monday. If...
Another sign the real estate market is coming back, not least the economy, is new hotel development, this time in downtown Cincinnati. The B...
Each transaction has its own housing property real estate and personal Property in the South of France . It is also possible for the prope...
Students often have great difficulty in writing your own essay , especially if you don't have the time or very less time to do a lot ...
MY LIFE IN A BAG
Most of the people in this world dream that they have a big nice house with huge backyard so that their children can play over...
As a further downturn in senior mortgage Search recession is becoming increasingly popular. There is also some confusion, because the natu...