What will you accept as proof? A web page? A product brochure? A conversation with a stranger claiming to represent a lender?
If I had a criminal inclination, I could probably counterfeit a web page, rate sheet or product brochure and/or impersonate a Lender’s Rep., so I assume that you want to see the promissory note as the difinitive ‘proof’. In order to do that, we’ll have to lock a rate and pull dox, so you really ought to apply for these loans and qualify, or else the lenders aren’t going to waste their time.
If you have about US$150,000 to use as a down payment, I could probably get you a nice ten cap in Texas.
I’ll be happy to add in US$100 as a junk fee, so you could finance it and you wouldn’t even have to pay it out of pocket. I’ll list it as an “Internet Research Fee”.
On the other hand, you could satisfy your curiosity by contacting these lenders directly, just as I did. Ok, to be accurate here, I only contacted ONE lender (Washington Mutual). Then again, my ‘satisfaction threshold’ on this issue is pretty low.
I had no opinion on this matter at the start of this thread. I got curious, so I asked around to find out, and made a couple of phone calls to verify. So here you are trying to tell me it ain’t so? Considering that I spoke with a Lender’s Rep., I tend to believe them before I believe you.
Washington Mutual has an option ARM product for Apartments. Whether or not any similar product is afailable for other sorts of commercial property has not been determined (but I could call them again and find out if it’s really important).
WAMU may have an option ARM for 1-4 units…many lenders do, but not 5+ units (commercial). They have an ARM product for commercial loans which uses the MTA index. Many people confuse the 12 MTA with an option arm because so many lenders that offer the option arm use the 12 MTA as the index. The 12 MTA is the “12 month treasury average”.
Any bank the offered an option arm on commercial properties would have its rating droped so fast it would make its head spin.
You show me proof that these lenders are offering option arms on NOO commercial properties and I will wire you $100 the same day…I’ll also be wiring my broker $10K to short these companies.