User Power
Value/Post Ratio
456%
- Jul 24, 2007
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- 19,297
There are a few loans that have decent rates. Fannie Mae has an apartment lending program. There are also conduit loans out there that use wall street money and securitize the funds. Both are just above 6% last time I checked. Call an apartment loan broker that specializes in these types of loans.
There are some banks that are aggressive as well. Try LaSalle or Washington Mutual. Their rates are a bit higher but not much. You save a lot of money on the upfront fees and usually have lower prepayment penalties.
I know there are HUD and insurance loans out there as well. I have never used them though. HUD loans can lock you in for a 35 year rate but the process is very long.
There are some banks that are aggressive as well. Try LaSalle or Washington Mutual. Their rates are a bit higher but not much. You save a lot of money on the upfront fees and usually have lower prepayment penalties.
I know there are HUD and insurance loans out there as well. I have never used them though. HUD loans can lock you in for a 35 year rate but the process is very long.