09
Jul
What questions I got to ask to real estate investment banks? I need to pick between 4 firms for a perm. loan?
Author: admin // Category: Investing
My firm, a real estate development firm, needs to get a permanent loan (approx. $50 mm) on a retail shopping center that will get built by April 2008. I need to choose between some loan experts (real estate investment banks) and I want to know what to ask them in order to make the best decision.
Some examples of these questions are:
What would be your commission on the loan? I heard it’s usually 1.00%.
How will you staff your services for my need?
Some examples of these questions are:
What would be your commission on the loan? I heard it’s usually 1.00%.
How will you staff your services for my need?
I want to know what else to ask.
Thank you for your help.
By: Mario T
About the Author:
July 10th, 2009 at 4:49 am
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Mario, I’m a Canadian RE invester (small) with about 55 rental units, commercial and residential.
The best way to get answers is being honest, and telling whoever you call upfront you’re new at this, and hired to choose a lender for 50 Million (or whatever) dollars for your firm.
Ask them simply how it works and what fee’s they charge. For instance, there’s sometimes a fee built into the interest rate that you don’t know about that gets kicked back to the mortgage broker. I’ve had 1.5% fee’s literally eliminated to 0% depending on the size of the mortgage (or blanket mortgage.)
Good luck, oh, and here’s money in the bank for you:
Ask a bunch of my friends at the best online realestate forum run by investers much bigger and smarter than me:
Its called magicbullets forum, tell them NetWorth / Chrisvet sent you. They’ll give you phenominal advice.
July 10th, 2009 at 11:01 pm
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