16Nov/10Off
$1.2 million loan C/O refi
Property value of $1.6 million. My borrower has been told the Merrill Lynch has the following product, that I now have to compete with:
-6 mos. LIBOR, Margin: 2.000%
-interest only for 10 years, final 20 years fully amortized
-Current starting rate of 5.375% with NO POINTS AND NO PREPAY!
I can structure a similar loan, but can't come anywhere near on price and rate. Does anyone know if this is even remotely possible, or is someone at Merrill just trying to get him in the door?