And that includes credit unions...
We just had one of our local lenders reset our variable interest rate on a commercial property.
It was at 5.5% and now it is set to 3.75%. On a large commerical loan, this makes a big difference int he payments.
We went to another bank and asked them to extend our commercial loan from a 15 year to a 20 year. We told them that given the economic uncertainty, we want to strenghten our cashflow situation as much as possible. They accepted.
I did ask them for a lower interest rate - we are at 6.5 on that loan. She told me that they have a floor of 6.5 It will never get lower than that. We are considering going to bank #1 above to see if they are interested in this other loan.
We just had one of our local lenders reset our variable interest rate on a commercial property.
It was at 5.5% and now it is set to 3.75%. On a large commerical loan, this makes a big difference int he payments.
We went to another bank and asked them to extend our commercial loan from a 15 year to a 20 year. We told them that given the economic uncertainty, we want to strenghten our cashflow situation as much as possible. They accepted.
I did ask them for a lower interest rate - we are at 6.5 on that loan. She told me that they have a floor of 6.5 It will never get lower than that. We are considering going to bank #1 above to see if they are interested in this other loan.
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