Apartment Lender Chicago Loan Closing - Rates and Bank Lending Status

Apartment Loan Rates

Kendall arranges $2,100,000 first mortgage on Glenlake Apartments. The property was original rehabbed at a cost of close to $5,000,000 but the condo lender Private Bank discounted the loan by $1,000,000 and released another $500,000 from the property loan.

The borrower was given 12 months to receive a discounted pay-off by the originalcondominium construction lender. Several banks declined the loan but Kendall was able find a lender for the borrower even if he had very high leverage.

Kendall arranged a loan and it closed within two month from the signing of the bank agreement.

Apartment Loans

The loan is fixed for 3 years at 5%.

Kendall arranges $2,100,000 first mortgage on Glenlake Apartments.

Kendall arranges $2,100,000 first mortgage on Glenlake Apartments.

The borrower was given 12 months to receive a discounted pay-off from the original condominium construction lender.

Kendall arranged a loan and it closed within two month from the signing of the bank agreement.

Apartment Lender Rate Update Commercial Mortgage

Apartment Loan Apartment Refinance FHA Fannie Mae DUS Freddie Mac: http://t.co/eYzcVNS

FHA 223(F) Rates

Apartment Lender Commercial Mortgage Rates FHA FNMA and SMALL Apartment Loans

Updated Apartment Loans Rate Chart

Kendall News Letter 5-15-09

Last year in a series of emails, we discussed solutions to the slow down in condo sales. To review:

• According to Harvard University’s Joint Center for Housing Studies, 14 million new households will be created in the next 10 years, and 6-7 million of these will be renters. In the past 10 years only one million net units have been added to inventory over the last 10 years, so there is going to be a “significant need” for more units.
  

• The need for housing will continue even in these slow economic times for all of the normal reasons such as family formation, job relocation, increase in population, downsizing by senior citizens, and older housing units going out of service.
  

• Many partially sold condo projects have come to us for assistance in conversion to rentals. We have successfully found investment sources to handle this situation, and we anticipate an increasing need as the housing market demands more rental units
  

We have joined with a FHA, Fannie Mae, and Freddie Mac lender and the leader in the New Senior LEAN Processing. We have also forged relationships with large General Contractors to work on unfinished condo projects and convert them to rentals. Together we handle the debt as well as the ownership exit.

We are always looking for more projects. If you think we could help you, please call Chuck Kendall at 773-259-7074 or Scott Kendall at 847-903-7578, or email us at Chuck - ckendall@kendallrealtyadvisors.com or Scott - kendallrealty@gmail.com.