MARKET UPDATE BLOG

Correspondent_Lenders - Commercial_Real_Estate

Correspondent Corner

December 14, 2017

Barry Slatt Mortgage would like to profile a correspondent lender program. The following outlines one of our most competitive Life Insurance Company correspondent lenders in the market:

  • Loan amounts range from $2-30 million
  • Lends Nationally in major markets
  • Typical loan terms are 10-20 years
  • 25-30 year amortizations are typical. Interest only is available for low leveraged transactions.
  • Non-recourse with carve outs
  • Interest rates from 3.75-4.50% for 10 year fixed terms
  • Focused on 4 primary property types: retail, industrial, office, and multi-family
  • Strong sponsorship is required
  • Rate lock at application for up to 90 days
  • Preference for low leverage transactions, but can lend up to 75% LTV
  • Flexible prepayment penalties are available (for a 10-year term, prepay is yield maintenance in loan years 1-4, followed by 5%, 4%, 3%, 2%, 0%, 0%)