Immediately after the Christmas holiday, retailers around the region and the nation offer major reductions on merchandise in their stores.
In the same vein of discount pricing, financing for low leverage rent regulated multifamily apartment buildings in the New York metropolitan area are offering perhaps the lowest interest rates in history.
Can you imagine, financing for five year loans, with interest rates below 3%. According to Barry Stein, principal of Roman & Stein Associates, "banks and insurance companies are offering these special rates for premier properties and borrower's with low leverage, subject to amortization under a 25 to 30 year schedule, at below 3%." Rates can vary by as much as 50 basis points based upon the term (three to ten years) and in certain instances interest only and 40 year amortization schedule.
Competition is keen by the lenders with certain financing institutions offering
exception low closing costs, capping the legal and appraisal fees.
Instead of visiting a department store to shop to a new men suit, I suggest that owners cal around the marketplace take advantage of these low, low raes and evaluate refinancing of residential properties.