Fitch downgrades four classes of Chase CMBS Housing Wire
Fitch Ratings downgraded four classes of JPMorgan Chase ( JPM : 36.69 +6.75% ) commercial mortgage-backed securities Tuesday after discovering potential losses tied to specially serviced loans and loans unlikely to refinance at maturity.So far, losses and payoffs on the pool have cut its overall balance by 30.6% to to $696.8 million from $1 billion, according to Fitch. Of the remaining balance, Fitch expects about 2.3% could suffer additional losses.
The downgrades are tied to commercial mortgage certificates in the 2002-CIBC 5 series, with 13 loans, classified as a going concern – two of which are specially serviced loans.
One of the loans at high risk of substantial losses is a specially serviced loan backed by a vacant grocery store in a retail center in Woodbridge, N.J. The loan previously went to a special servicers due to monetary default. The servicer is currently trying to cure the loan.
Another loan secured by a retail strip center in Gilbert, Ariz., also is a concern, according to Fitch.
Commercial Mortgage On Mixed Use Property
When you have a mixed use property where part of the use is for residential purposes and part is for commercial purposes, there are going to be different financing criteria to consider.
For one, many lenders will have specific requirements as to the amount of commercial space that can be utilized in a mixed mortgage application. In many cases, this amount is a smaller percentage of the total space being utilized, and these programs are provided primarily by residential mortgage providers.
The second component of a commercial mortgage application for mixed use property is the tenant agreements that are in place in terms of the amount paid and the time outstanding.
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Where can i get a commercial mortgage on a Leasehold Property?
Any idea on where i can get a commercial mortgage on a leasehold property. I will have a 50% deposit on the property but would like the othe 50% as a mortgage. Also if i have a commercial mortgage can i also get a residential mortgage on another property and will this effect how much i could get?
Any information would be gratefully recieved.
thanks
It all depends on what the lease terms are, if its a short renewable lease then you might struggle as lenders don't have anything to 'pin' their security on.
if its a long lease eg 70 years then most commercial mortgage lenders will look at it, depends if its a new venture for you if so you might need to approacha commercial mortgage lender who's a bit more flexible than a bank
try affordablemortgages.co.uk they can search across 80 commercial mortgage lenders in one go - saves you a lot of time !
The fact it is leasehold should be largely acadmeic - providing that the lease is long enough (usually term of loan plus 25 years). If its less you will need to discuss the individual case for this with a business manager / adviser at a bank.
Largely this won't affect your ability to get a residential mortgage. The commercial mortgage will be a business issue, for your business. As long as you can afford to repay a residential mortgage and keep your business going it should be fine.
NB: this is just a guideline answer as a lot depends on the specifics of your situation, and how much you are looking to borrow. Speak to a few banks and see what they have to say.
Besides Silver Hill Financial, what commercial mortgage lenders are out there?
I am looking to break into the commercial mortgage industry and work for a lender as an account executive. The account executive calls on/visits commercial mortgage broker shops and basically educates mortgage brokers on products and programs and ultimately funds the broker's client's loan with his or her bank. The only companies that I have really found who do this and have available positions such as this are Silver Hill, CIT and a couple random others. I have previously been an account executive, but on the residential side. Any help?
equity one , interbay
What´s the best site for applying for a commercial mortgage loan?
I am beginning the process of applying for a commercial mortgage loan for an owner (me)-occupied retail property.
I found a site and they say they will submit an application to 50+ lenders but they want $200 for the service. Am I getting ripped off?
This is a legitimate question! I'm not shilling and please honest info and experiences! Thanks!
owner occupied.
site to apply? Yes, your favorite community mortgage broker
who does commercial loans; when I last checked with
on site data sites that send my data to many lenders, I got
no where in a hurry. I stipulated what I needed and they
all ignored it.
i would pay them zero
We financed a warehouse for under $100k through a local bank and that lead came through a commercial real estate broker.
http://www.worldbestloans.com/Mortgage%20Loan.htm
A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.
Hello,we give out loan to Business Men and women who are into Business and need money to expand their business or in starting a new business, We give out long term loan for 3years to 50years maximum if you are interested in this you can as well tell me the amount you need so that I send to you the terms and condition that is if you are realing interested in getting a loan from we and our intrest on loan is the cheapest in the world, Loan is given out in GBP Pounds and $US dollars the maximum I give is 15,000000,00 both in pounds and $US and the minimum 5,000,00 pounds and US$ so if really you are interested email me for more info on how the loan can be transfered to you. There is one Question i have to ask ,are you a serious individual that when you get this loan you will be able to pay back after duration with the interest, if you are honest I will trust you because I like to do business with Honest people if you are intrested you will get the loan with out problem and for your information if you like to take a loan above $15000000,I can give only if you are in one of these cartigories: A Manager of a company A private Holder A broker in banks A director in any office or company A high investor of a company and others. If you are one of the following you can get $15,000000, as loan or if personal loan you can request for 5,000-1,000000, as loan. as soon as you Send these info it is important in processing your loan immediately. Mind you, loans are given to every part of the world only if i see you have information backing your identity and most importantly you must be honest to pay back after duration.If you are interested you have to send the amount you need as loan so i could give you the terms and condition on the loan for your information loan are given to every part of the world to people who intend to be enterprenuers who have the drive to successed if you are honest apply for the loan now through our loans agent officer contact
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eurosavingsandloanservice@hotmail.com
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BORROWER'S REQUIRED INFORMATIONS
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Thanks
Peter Clay.
How would you refi the following commercial mortgage?
I've got a commercial mortgage of about 480 k on a prop valued at 600. It's fixed for the first 3 years at 8% (one of which has passed), then it switches to an ARM. It's also got a baloon like most com. mortg. of 420 at the end. Anyone whose knowledgable have any suggestions for getting some better terms on a refi? I plan on keeping it very long term.
I am a mortgage broker. Please email me if you would like to discuss this further.
What may be a reasonable interest in a 30 year commercial mortgage ? ?
What may be a reasonable interest in a 30 year commercial mortgage ? I"ve been offered an initial 3 year fix interest of 7.5 with a 20 % down , Does it sound right?.Can somebody explain how it works please?
You are getting yourself an ARM.
This is what has gotten this world in a mess of foreclosures.
Although you have fixed for 3 years, it will readjust. Good luck losing everything.
Demand a fixed (fully fixed) loan. They are playing word games with you, do not accept this from them. They are treating you like you are uneducated.
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What are the fees and other costs? Are there pre-payment penalties or lock-out periods? These can add significantly to the cost of borrowing if you are subject to them.
20% down seems reasonable.
If the loan officer you are working with is not able to answer your questions, find another one. Call some small local banks. I work at one in Cincinnati and small commercial loans are one of our strengths.
Good luck.
What is the role of commercial property mortgage bankers, and do they get paid by salary or commission?
What exactly do commercial property mortgage bankers do?
Do they need a license?
Do they get paid by commission or salary?
Average pay for someone starting in the biz?
Pros and cons and your overall impressions of the industry?
On the website www.findacareerhere.com there is a salary calculator that tells you salary and also gives you a job description. Hope this helps.
Is it true that commercial mortgage loans are all ARM's?
When we got our commercial loan, our loan officer told us that "all commercial mortgages are ARM." Although we got in on the low interest rate boom 4 yrs ago, our payments are now almost doubled. Any suggestions?
If it is a commercial loan then most of the programs are ARM's. Most of them also have a balloon payment. However, there are fixed rate options. The rates are usually so ugly though it isn't worth doing it (at least on the commercial side). Some of the rates on commercial are in the 5's right now. E-mail me with your scenario and I can give you a quote on another 5 year ARM, a 10 year fixed, and a 15 year fixed. Depending on the property type will depend on whether you can get a term any longer than 15 years.
What is the rate? and the loan amount?
If your rate is going up, you should consider refinancing.
Good luck,
Barry
There are even seller backs where the borrower puts up no cash whatever.
What are the current commercial mortgage interest rate?
I have a commercial loan. I am paying 7.25% the balance is 375000.00
What is the currant rate? My banker is beating around the bush when I bring up the subject.
Where can I get the lowest interest rate on a commercial mortgage?
I need to borrow $700,000 on a new commercial bldg. It appraised at $1.2M, My credit is perfect. Where can I get the best interest rate?
Van is right, get a mortgage broker unless you have a good relationship with your bank - sometimes that relationship is worth a few points and/or they will waive closing costs. If you use a broker, make sure they have lots of experience with Commercial and JUMBO loans.
I am looking for a commercial mortgage lender to finance this property that I rent and have a business & live?
I own a business but rent the building and also live in the building. I need to buy the building. I have been here 4 years with a growing bsiness. It also has a rental trailer on the property for income. I need a mortgage lender to help me finance it.
this is whats called a MIXED USE property, and if you have been affording the rent, then i know that you can easily afford the mortgage (thats how the banks see it too) i do these kinds of loans regularly. i have so many differant programs for a situation like this, that i am confident i can help you.
i dont charge for app fees, and consultation fees, and will custom tailor you a loan program free of charge.(this way, if you are unhappy with what i can do for you, there is no pressure or commitment on your part) i enjoy my work, and i look forward to working with you. call me at 203-729-8900 x111, ask for david powell, or call my cell phone at 203-410-4427, i will take your info, and get back to you in 24 hrs with a loan program.
i want you as a client, lets get started.
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