The Real Deal Miami

Lenders bullish in providing financing for multi-family buildings

By Michael Stoler | April 06, 2010 03:16PM

From the New York Web site: With the 10-year Treasury note trading at very attractive rates, cooperative apartment buildings and owners of multi-family buildings are taking advantage of low rates and refinancing.

Perhaps the best rates — as low as 5 percent on
five-year fixed loans — are offered by government-chartered companies,
which include Freddie Mac and Fannie Mae. Commercial and savings banks are providing attractive financing for terms of five to 10 years with rates as low as 4.85 percent to 6 percent. Daniel Harris, executive vice president and chief lending officer at the Dime Savings Bank of Williamsburgh, said: “It has become a very competitive market with existing and new players originating multi-family mortgages. It is a great time for a borrower to lock in a record low mortgage rate.”