May
19
Is it true that commercial mortgage loans are all ARM’s?
By
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?
Repossession
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8 Comments
June 3rd, 2009 at 7:01 am
fix it! i have never heard such a thing……and i mean fix it by putting it in a fixed mortgage.
What is the rate? and the loan amount?
June 3rd, 2009 at 11:13 am
I think you are being lied to. I have never heard you cannot get a fixed commercial mortgage.
June 5th, 2009 at 9:41 am
NO, that is totally incorrect. I’d look into refinancing the property into a fixed rate. Also I’d look around for a different commercial broker to deal with. This person either doesn’t know what he’s talking about, or lied to you. Either way, he’s hurting your business
June 5th, 2009 at 5:45 pm
Not all are ARM but most are.
June 7th, 2009 at 1:10 am
Not true. There are plenty of fixed rate loans out there. Look into your refinancing options. Call your existing lender first and then shop around.
June 8th, 2009 at 6:02 pm
Most commercial mortgages are offered as ARM. However, this does not mean that fixed rates aren’t available. And there are also ARM programs that are fixed for 10 years.
If your rate is going up, you should consider refinancing.
Good luck,
Barry
June 9th, 2009 at 8:15 pm
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.
June 12th, 2009 at 8:15 pm
any real estate loan can be whatever the lender and borrower agree on.
There are even seller backs where the borrower puts up no cash whatever.