Getting an Office Building Loan
The majority of people attempt to look for broad types of properties. People want real estate property for their personal use, whereas others search for real estate property because of commercial or business intentions, such as a building an office. However, this search should not halt with simply locating the right real estate property. The main issue at hand is financial. Sometimes you may not want to invest a large sum of money into the property due to other related costs. However, there are explanations for this type of problem, such as commercial office building loans that offer you a chance to reap large amounts that you can use to purchase additional commercial real estate.
Commercial office building loans are normally offered by banks and lenders for buying real estate and equipment. These types of loans normally range in rates in the range from 6 to 13%. Therefore, office building loans are said to be very helpful when you want to improve and start a business.
Commercial office building loans are loans secured with collateral the real estate property itself, as security against the loan amount.
Similar to home mortgage loans, the repayment period for these loans is also limited to 10, 15, 25 or 30 year terms. Normally 2% fees are charges on commercial loans. Commercial Office building loans are available either on an adjustable- or fixed-rate. What is different is commercial loans generally offer flexible repayment options compared to conventional residential loans. These new office building investors can pay the loan either on an annual, quarterly, monthly, or biweekly plan.
Qualifying for a commercial loan can be difficult at times and normally take longer than a home loan. However, commercial loan lenders generally look at the property value, the property’s income, borrower’s credit history, and their individual income.
The minimum amount that is available through commercial office building loans usually varies depending upon the lender, and it may fall between $100,000 and $250,000. The maximum loan amount that is available through commercial office building loans is in the billions, although it depends on the security. Most commercial lenders offer 70 to 90% value of the property value as the maximum loan amount. Most online commercial loan providers generally provide these loans, which include portfolio loan lenders like credit companies, life insurance companies, banks, private lenders, and conduit loan lenders. Normally, life insurance companies and conduit loan lenders offer long-term commercial loans with attractive rates.
Frank Collins
http://www.articlesbase.com/real-estate-articles/getting-an-office-building-loan-752266.html
Why did Republicans try to stop Chris Dodd from fixing the sub-prime loan problem?
Source: Business Week Online
In early 2007, as overextended borrowers began to default on too-good-to-be-true subprime mortgages, housing experts sounded an alarm heard throughout Washington. Christopher Dodd (D-Conn.), chairman of the Senate Banking Committee, wanted to push a bill requiring banks to modify loans whose enticingly low "teaser" interest rates soon give way to tougher terms. But he knew that with Republicans strongly opposed, he lacked the muscle, according to Senate aides. So Dodd did what politicians often do. He convened a talkfest: the Homeownership Preservation Summit.
A who’s who of banking executives gathered on Apr. 18, 2007, behind closed doors in an ornate hearing room in the marble-faced Dirksen Senate Office Building. Dodd told them they needed to get out in front of the foreclosure fiasco by adjusting loan terms so borrowers would continue to make some payments, rather than stopping altogether. Foreclosure proceedings typically cost banks about 50% of a property’s value. That’s assuming the home can be resold — not a certainty when empty houses multiply in a neighborhood. "What are you doing?" Dodd asked the executives. "What do you need me to do to help you modify loans?"
http://news.yahoo.com/s/bw/20090213/bs_bw/0908b4120034085635
Is this why Republicans constantly vilify Christopher Dodd, because he’s actually trying to fix the problem?
"Senate Banking Committee spokeswoman Kate Szostak says Dodd aggressively pursued the foreclosure issue, but "both the industry and the Bush Administration refused to heed his warnings.""
The folks of the GOP find it difficult to accept personal responsibility for their actions…
They loved big business, too much, at the country’s expense.
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Godzilla is my co-pilot
You obviously did not read this entire article. lol
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Some of the people on here wouldn’t know how to check facts, nor read them if it’s anything against their party. That’s why our country is in the mess it’s in. This is why, watch the thumbs down I get when I state this fact:
In 1999, Fannie Mae came under pressure from the Clinton administration to expand mortgage loans to low and moderate income borrowers. At the same time, institutions in the primary mortgage market pressed Fannie Mae to ease credit requirements on the mortgages it was willing to purchase, enabling them to make loans to subprime borrowers at interest rates higher than conventional loans. Shareholders also pressured Fannie Mae to maintain its record profits.
In 2003, the Bush administration recommended significant regulatory overhaul of Fannie Mae and Freddie Mac. However, the Democrats opposed that proposal, fearing that tighter regulation could sharply reduce financing for low-income housing, both low and high risk.
http://en.wikipedia.org/wiki/Fannie_Mae
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Chris Dodd obstructed Bush and McCain from applying regulation to Freddy Mac and Fannie Mae, calling them heartless because they wanted to regulate lending to high risk borrowers. Dodd has received a huge amount of money from Fannie and Freddy, more than any other in congress.
Frank, Dodd, Waters, Reid and others resisted the curtailment of Fannie and Freddy’s fraudulent activity saying nothing was wrong, nothing could possibly happen with the housing industry or credit industry over that.
LIFE IN JAIL IS TO GOOD FOR DODD, FRANK, REID, AND WATERS and more of the criminals who got us in this mess.
Barry OBAMA is also in this fraud UP TO HIS NECK! He got more money than anyone from Freddy and Fannie during his time in the Senate. Now no one will prosecute those who have pulled the worst fraud in history on the US and put us in these hard economic times.
The GOP stopped Dodd? WOW, that is just RICH!
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Why did Bill Clinton start the whole mess in the first place?
http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=1
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Why should deadbeats get to have their rates adjusted when they signed a contract with their bank already? Thats not fair to people who pay on time. Barney Frank is to blame for this fiasco! Here is a link of a video with Barney Frank saying Freddie and fannie are just fine in the early 2000s.
http://www.youtube.com/watch?v=cMnSp4qEXNM&NR=1
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You’re funny!
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Maybe Chris Dodd shouldn’t be the authority on mortgages. He allegedly received a very favorable rate through the Countrywide VIP program, receiving a lower rate than market. When questioned and asked to show his HUD statement and mortgage papers, he couldn’t produce them for over 6 months.
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This is a joke right. Chris Dodd, was the problem along with Barney "suck it up" Franks. They should both be in prison.
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