Friday, May 11, 2012

Conduit Loans Are Back: Including Michigan

Conduit lenders are reentering the market with good rates and terms. The underwriting is a little tighter than it was in 2005-2007, but it is not onerous. Presently I am working on a Manufactured Housing Community with the following proposed, and preliminary accepted, terms:

Loan Amount:
$5,000,000
Interest Rate:
4.675%
Term/Amortization:
10/30 yrs.
Personal Guarantees:
None
Prepayment Penalty:
Yield Maintenance
Processing Time:
60-90 days
Fees:
Standard

The rate cannot be locked until approval. The following property types qualify: Multifamily, Industrial, Office, Retail, Manufactured Housing Communities, 

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