These rates are subject to change daily. Commercial Interest Rates are based on the borrower's financial strength, the cash flow of the project/property, the collateral, and the down payment. The Residential Rates are based on credit score, LTV (Loan to Value)/LTC (Loan to Cost), # of units, and other criteria.
We work with many banks throughout the Florida market and here is the range we're seeing:
Amortization: 20- 25 years (Up to 30 yrs. with a few lenders for Multifamily)
Term: 5-25 years
Fixed Rates: Lenders are fixing rates for 5, 7, 10, 15, and 20 yrs.
Rate Ranges: 5.95% to 9.50%, most in the 7.15% to 7.65% range. Rates are changing daily.
Loan Fees: .25% to 1%, most of our clients are seeing .50% or less on the bank's loan fee.
Relationship Requirements: Most lenders are asking for a deposit relationship.
We work with several lenders for Conventional (QM-Fannie Mae/Freddie Mac) financing, Jumbo Financing, and Non-QM (Doesn't meet Fannie/Freddie Guidelines).
Conventional Purchase with 20% down with 740+ Credit Score:
Assumptions: 30 yr. Fixed/80% LTV/740 Credit Score/$500,000 Purchase/$400,000 Loan
Rates: 7.25% to 7.50% (0 to .25 pts.) (Subject to Change Daily)(As of 9/8/23)
We are set up with many Non-QM Lenders and our programs included financing for Foreign Nationals, Asset Utilization, Bank Statement, DSCR, No DSCR, Condotels, Non-Warrantable Condos, and other programs. The rates vary a lot between the programs. Please email or call us with scenario and we will price the loan for you. Due to our lower fees, you'll find our rates to be less than many other lenders for the Non-QM programs. Also, be aware that some programs do have prepayment penalties and they are negotiable but it may affect the rates.
We offer 30 year fixed rate Jumbos and Jumbo ARMS(Adjustable Rate Mortgages). If you plan to stay in the home for 10 yrs. or less, it may make sense to consider a Jumbo ARM if there is a big enough difference between the 30 yr. fixed and the Jumbo ARM Rates. Jumbo ARMS come in 3 yr. 5 yr., 7 yr., and 10 yr. fixed rates. The initial caps, annual caps, and max caps will vary by lender. Also, be aware of any prepayment penalties with some lenders. Due to our extensive list of lenders, we can accommodate almost any loan amount.
Jumbo ARM Purchase for $1MM with 25% down for a primary residence with borrower having a 760+ credit score:
Please Note: We are currently looking for new Jumbo Lenders that can offer lower rates than our current lenders can offer.
What is considered a Jumbo Mortgage for 2023? (Some Exceptions to this may apply)
$1.00 over the following limits:
1 Unit Property: Over $726,200
2 Unit Property: Over $929,850
3 Unit Property: Over $1,123,900
4 Unit Property: Over $1,396,800
This program allows you to put the loan in the LLC name or entity name and the individual borrower will be considered a Guarantor rather than a Borrower. For this program, the lender is focused on the subject property's cash flow and does not typically ask for any personal income verification. The lender does pull credit on the guarantors and they typically do a background check. These programs usually offer a 30 year fixed rate and our client's typically put 25% to 30% down in order to keep the rates down. These programs also offer Interest Only for the initial 10 years for a slightly higher rate which can help improve the cash flow in the early years. These loans typically carry a prepayment penalty for a period of time which is negotiable but it does affect the rates. These loans typically require that you escrow for taxes and insurance.
Rates: Typically in the 7's, 8's and 9's depending on credit score, down payment, property cash flow, and prepayment penalty option chosen. Please email me with a scenario and we'll get it priced for you.
We are in the process of getting updated rates. This program usually offers at 30 yr. amortization with up to a 10 yr. fixed rate.
We are in the process of getting updated rates. These rates have been running in the 8's and 9's for a 10 yr. fixed with a 30 yr. amortization. These loans typically have a prepayment penalty.