Commercial Mortgage Broker?

I am looking to refinance the mortgage on a small mixed-use building in Park Slope and draw some money out of the property.  Total refinancing approx. 700K.   I have been in touch with a commercial mortgage broker who will charge a 10k fee.  I don’t know if I should go through him or contact lenders directly.  Any thoughts would be much appreciated.

redukkha

in Property Management 12 years ago

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Bklnite | 12 years ago

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I thought a point was standard as the fee for commercial mortgage brokers, so 10k sounds high – I would have expected 7k on a 700k loan for the fee. There are always other costs involved (appraisal, bank attorney fees, etc. etc. ) so more than 10k would be a likely total cost to you to get the refi done.  Who’s your current lender, and have you tried contacting them directly? That would be the option I’d investigate first, esp. if they’ll give you similar rate & terms as what the broker can get for you.

adam_dahill | 12 years ago

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Flushing is one of the few commercial lenders that pays the broker on commercial loans as most do not hence the broker fee if you are going with a different lender. They also give the same rate with a broker as they do going directly to them. That said they are very tough to work with at times and have cut appraisals and loan amounts last minute.

MrHancock | 12 years ago

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Contact Flushing bank directly.