Correspondent Corner
November 2, 2017
Barry Slatt Mortgage would like to profile a correspondent lender program. The following outlines one of our most competitive Life Insurance Company correspondent lenders in the market:
- Loan amounts range from $10-70 million
- Lends Nationally in major markets
- Typical loan terms are 3-25 years. This lender offers floating rate loans that can be converted to fixed rate loans.
- 25-30 year amortizations are typical. Interest only is available for low leveraged transactions.
- Non-recourse with carve outs
- Interest rates from 3.50-4.25% for 10 year fixed terms
- Focused on 5 primary property types: retail, industrial, office, multi-family, and well located hospitality
- Strong sponsorship is required
- Yield maintenance prepayment penalties, but can structure step-down with additional interest rate add-on
- Rate lock at application for up to 90 days
- Preference for low leverage transactions
- Forward commitments available for up to 12 months