Short recap we got a commitment letter that was lower than we expected. Instead of getting $1,950,000 we only got $1,820,000 which means that we will need to come with additional $130,000 for closing. When we understood that the reason for that was they thought that $750 rents are too high for this area and [...]
The committee was scheduled on a Thursday morning. We were waiting anxiously for the phone/e-mail from the bank that will confirm our mortgage terms. Around 2:00 PM we got the initial call. According to the lender, the committee approved a lower loan for $1,820,000. That was a very difficult moment for our project and a [...]
So now, we have our first offer from the bank, but we always try to get a better one… In order to challenge the offer, you will need to understand the numbers inside out and provide some proof to the bank that will support your assumptions. For example – in our case, the bank calculated [...]
When we got the first draft we didn’t know if that is a good proposal or not. In our eyes, a good proposal will be the one that will provide the highest loan within the Bank parameters and will bring the best ROI. So what do we mean by that? Let me give you an [...]
