Tuesday, March 20, 2007

Conduit Lending Arizona & the World

From the lips of Leif Walker - Walker Mortgage in Phoenix - this is the timeline to acheive the lowest rate financing available for commercial properties ie: the conduit loan. From a completed application package (property leases, description, i&e statement, borrower financials, etc) to letter of commitment - 30 days if you are lucky. At that point various reports are ordered - typically by the lender so this cannot be done prior - which take approximately 45 days. Therefore if you are making an offer on a commercial property and you want 120 basis points over the 10 year, give yourself at least 75 days to get financing - more is better - less grey hair that way. BTW, if you need a great referral, let me know, I know the guy for you.

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