Posted by Paul Macdonald on November 14, 1998 at 22:17:28:
Sorry I don’t know who and what your broker is doing or the company he wants to send the paper to.
But to a degree, who cares? Sounds like a pretty good deal. Just for fun, tell your broker you can’t see paying that much rate wise and offer a lower rate and see what happens. Worst case scenerio, as long as rental income covers your qualifing for a new mortgage later, take this deal, wait one year and do a rate and
By the way, 11% for a nothing down multi-unit apartment building is a VERY good rate! The best institutional rate I’ve seen for multi-unit deals was 8% with 25% down. And that program is long gone. Most are going to be 9% or more (take these rates I’m telling you with a pinch of salt, I specialize in residential loans and only see multi-unit rates once in a while).