Re- Financing Apartments?
Aug 31, 2009
in
Commercial Mortgage FAQ
Can somebody please tell me which are the cost of re-financing an apartment in D.C.? THANKS.
Pls. give me details.
Like this post? Subscribe to my RSS feed and get loads more!
One comment
Mudisfun on August 31, 2009 at 8:10 am
Assuming that this is a project larger than 4 units thus making this a commercial loan… if 4 units or less then this info is bunk
1-2 points loan origination fee from the broker
1-2 points from the lender (may or not be charged)
$2000-$5000 for your appraisal
$2000-$5000 for a phase 1 enviromental report
Processing from lender $900-$2000
Processing from broker +/- $1000
Underwriting fee from lender $1000-$3000
Recording fee to state/county $100-$2000
There is a WIDE difference in these fees based on location, loan amount, loan type, size of project, loan to value etc… These are just ranges to look at. There will be ALOT of other fees such as title coverages, taxes etc…
If this is a 1-4 unit then your costs are ALOT lower..
1-2 points to broker (*may/may not be charged)
Appriasal $550-$1000
Title $550-$2000
Closing (attorney or escrow) $550-$2000
Flood Cert $10-20
Processing $595-$1000
Underwrting $650-$1000
Notary +/- $150
Same issue with county/state recording fees and taxes.
If you would like some information that is close to solid drop me a line with your scenario and I will take a look for you.
Kevin 949-375-2380
kruorock@sbcglobal.net