Loans and Refinancing??

[dogwasher]

Curious if anyone has refinanced or recently got a loan...if so what are the rates at? Im currently at 6.9 for 20 years. Called my bank to find out if they could do better and have not heard back from them. I think there to busy stroking all that Tarp money.

 

[gsgriffin]

I have recently been approved for a couple of carwash loans. One was back in Aug/Sept, it is fixed for 5 years at 6% and a 20 year amortization. This was for land/building/equipment.

We have recently beened approved for an equipment only loan at a different location. It is 5% for 5 years. Both of these are 80% LTV loans.

Both of these loans were through traditonal bank financing.

G

 

[Earl Weiss]

Back in Oct when prime was about 5 I was trying to refi. Wanted a secured line of credit . First Bank said no, second said yes . Came thru at prime + 2. Then prime went down. with a line, I can pay it down, and have some ready access to $ if I need it. Interest is paid only on outstanding balance, but I make regular monthly payments t retire principal so if prime goes up minimum payment will be low and I will have greater access to funds.

 

[Waxman]

I had extended my SBA portion of my carwash loan when I built my new detail shop. The SBA rate is set when the debenture is sold at closing. When I built the carwash it was at 6.73%. I checked this winter because the SBA was ready to close (my new detail shop was complete). The rate was up over 7.5%! My lawyer said wait a bit to close. He had doc's to prepare anyway in order to close.

Yesterday I got the call; the rate had set. 4.31%. Today is a very good day.

 

[dogwasher]

Waxman who is your Banker?

 

[Waxman]

SBA Company is Bay Colony Development in Waltham, MA.