赚钱无外就是开源节流，top line and bottom line, 但是开源，top line我觉得更重要，就是买买买.
上次写完有问 assumable mortgages, 两房的，就是 Fannie and Freddie家的，都是 assumable.
今天就重点写两句两房的公寓楼贷款，Fannie and Freddie, Fannie的更普遍，Freddie 喜欢的是 owner/operator，rate也比Fannie好，但是 paperwork更多.
和SBA不一样，两房都是需要通过 brokers,自己是不能直接申请，一个好的 broker可以为你节省时间，他们知道如何去帮你贷出更多的钱，Brokage fees usually 1-1.5% of the loan, this is in additional to the lender origination fees.
然后就是 pre closing inspection, 有时候他们就用原来的 appraisal report， 这个是 determines 银行的 capital reserves, can they going to give you a number, 这个是你每个月要 pay into reserve escrow的.
To assume the loan, 和自己贷款一次差不多，但是比做新贷还要严格，因为你是需要和 servicing bank直接做，想成功最好还是找个 broker 帮忙填表，they know what they doing, they know that Fannie looking for, they only get pay when the loan is closed.
1. For those agency loans (loans from Fannie or Freddie), as you mentioned, the loan cost is so high (5-7%), compared to regular commercial loans' cost is around 1-2%, what are the benefits for those agency loans? Mainly because they are non-recourse loans, so the borrowers do not have to risk their own personal assets in the situation of default?
2. If you have chances to get a regular commercial loan, will you still consider an agency loan if that is possible? In other words, in what situations do you consider an agency loan?
3. What is the normal starting point for the loan amount to consider an agency loan?
Thanks for your summary. Just did a little more research. It seems the benefits of those agency loans are:
1. lower interest rates compared to regular commercial loans----is that still possible to get one agency loan with rate lower than 4% now?
2. can do the loan 15 or 30-years fixed, instead of 5 or 7-years fixed for regular commercial loans.
3. lower downpay requirement
4. non-recourse
Cons:
1. loan cost is high (5-7%). more paper work.
2. prepayment penalty is high---either could be yield maintenance (that penalty is a lot as JY mentioned) or step-down prepayment penalty (like 5-4-3-2-1).
一般来说， Agency loans 利息低费用高，it's because everyone is making money off you, and because it's non recourse, so if one day you walk away, you have nothing to worry as your personal assets are protected.
前面说到穷人花钱基本靠借，今天说说穷人赚钱基本靠哄，其实我更想写的是穷人出门基本靠撸，撸信用卡我才是最有心得，我一年旅游 budget 10万刀，积分可以顶一半， LOL.
赚钱无外就是开源节流，top line and bottom line, 但是开源，top line我觉得更重要，就是买买买.
上次写完有问 assumable mortgages, 两房的，就是 Fannie and Freddie家的，都是 assumable.
今天就重点写两句两房的公寓楼贷款，Fannie and Freddie, Fannie的更普遍，Freddie 喜欢的是 owner/operator，rate也比Fannie好，但是 paperwork更多.
和SBA不一样，两房都是需要通过 brokers,自己是不能直接申请，一个好的 broker可以为你节省时间，他们知道如何去帮你贷出更多的钱，Brokage fees usually 1-1.5% of the loan, this is in additional to the lender origination fees.
两房的贷款，都是non recourse,估价是直接和PnL挂钩，所以大公寓楼重贷，PnL都是 polished，怎么做就是各司各法.
两房的贷款，full doc, 管理经验，身家清白，缺一不可，经常会想要45-90天的close time.
如果通过了调查，你会收到新的 term sheet, 这个时候你就基本成功了，大部分时候你要先付half percent的 loan origination fee, 然后要求新的 insurance coverage, 两房的保险 coverage 比一般银行要求更高，各种的 requirements，准备比原来的保险贵30-40%.
然后就是 pre closing inspection, 有时候他们就用原来的 appraisal report， 这个是 determines 银行的 capital reserves, can they going to give you a number, 这个是你每个月要 pay into reserve escrow的.
一般做下来，你要准备贷款的5-7% 的费用，还有 yield maintain maintenance pre-payment penalties,
就是说你如果再重贷，这个动不动就几十上百万.
两房的贷款都是 assumable,原因是两房贷款以后就把贷款拍卖了， 你的银行就是个 servicing broker, 后面的 investor,一般是个投行或者保险公司.
To assume the loan, 和自己贷款一次差不多，但是比做新贷还要严格，因为你是需要和 servicing bank直接做，想成功最好还是找个 broker 帮忙填表，they know what they doing, they know that Fannie looking for, they only get pay when the loan is closed.
穷人赚钱基本靠哄，就是上哄银行，下哄员工……
1. For those agency loans (loans from Fannie or Freddie), as you mentioned, the loan cost is so high (5-7%), compared to regular commercial loans' cost is around 1-2%, what are the benefits for those agency loans? Mainly because they are non-recourse loans, so the borrowers do not have to risk their own personal assets in the situation of default?
2. If you have chances to get a regular commercial loan, will you still consider an agency loan if that is possible? In other words, in what situations do you consider an agency loan?
3. What is the normal starting point for the loan amount to consider an agency loan?
Thanks!
就我去年在两者之间的比较，主要是，
年限不同。agency loan 可以贷到30Y fixed. 商业贷款通常5-20年。
利率不同。商贷5-9%，agency可低于4%。
首付要求也不。agency loan可低至20%首付，商贷一般都要求25%30%。
Thanks for your summary. Just did a little more research. It seems the benefits of those agency loans are:
1. lower interest rates compared to regular commercial loans----is that still possible to get one agency loan with rate lower than 4% now?
2. can do the loan 15 or 30-years fixed, instead of 5 or 7-years fixed for regular commercial loans.
3. lower downpay requirement
4. non-recourse
Cons:
1. loan cost is high (5-7%). more paper work.
2. prepayment penalty is high---either could be yield maintenance (that penalty is a lot as JY mentioned) or step-down prepayment penalty (like 5-4-3-2-1).
一般来说， Agency loans 利息低费用高，it's because everyone is making money off you, and because it's non recourse, so if one day you walk away, you have nothing to worry as your personal assets are protected.
两房的贷款，1百万起跳，其实来来去去都是那几个公司在做，所以 appraisers 比较容易沟通，能带出最大限度的钱.
如果是伙伴合作关系，或者众筹项目，可以走这个路线，如果只是自己的物业，走小银行没问题.