April 2nd, 2013
Reality Today reports commercial mortgage rates on the rise. With commercial mortgage rates on the rise, many business owners are looking to refinance. The good news is that mortgage rates are still near historic lows, but are on the rise. While Reality Today is referring to residential mortgage rates and not commercial mortgage rates, there is still a direct correlation between the two. According to the firm, the average rate for a 30 year fixed rate rose to 3.57% the week of March 28th, 2013. That is from 3.54% the week prior and from 3.31% in November, which was the lowest since 1971.
15 year rates climbed last week to 2.76% from 2.72% the week prior. The record low of 2.63% was reached in November.
While rates are off the lows of November 2012, they are still very attractive from a historical perspective. Also, with the S&P 500 reaching its all-time high, it appears the economy is getting back on track, pointing to rates going higher. So if you missed refinancing your commercial mortgage at these great rates, this may be your last chance before commercial mortgage rates continue their upward trend.
About Select Commercial
Select Commercial offers a very simplified application process with no upfront application fees and no processing fees. We will discuss you loan request with you during our initial phone conversation and have you provide some basic information about the property and the borrower. Written pre-approvals are generally provided within 24 hours with no absolutely cost or obligation. We always offer professional service with excellent rates and terms.
Select Commercial is focused on providing the best commercial mortgage financing solutions for each client’s needs. All details of the commercial mortgage lending process are meticulously managed from the beginning of the loan process to closing. We’ve worked hard to earn the reputation we’ve established with our clients and continue to look for ways to improve our service. We advise each individual client and try to find the perfect solution for his or her needs. How do we find the perfect solution? We identify and screen lenders that best suit the needs of the client and ensure their ability to close on the terms provided.
Here are some of the loan types Select Commercial can help you with:
- Office Building Loans – multi-tenant or single tenant, owner occupied or investor
- Retail Building Loans – shopping centers, retail strip centers, or individual stores
- Industrial Property Loans – warehouses, distribution centers, manufacturing facilities
- Bridge Loans – short term loans to overcome short term problems
- Single/Special Use Loans – motels, gas stations, restaurants, etc.
- Apartment Building Loans – garden apartments, high-rises, cooperatives, etc.
- Investment Property Loans – any income producing property
About Our President, Stephen A. Sobin
Stephen A. Sobin is the President and Founder of Select Commercial Funding LLC. Mr. Sobin has over 30 years’ experience in mortgage lending. Mr. Sobin is the past president of the mortgage lending division of a federally chartered Federal Savings Bank. He founded Select Commercial to provide commercial mortgage advisory services to his clients nationwide.