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Interest rate cap quotes took me 6 phone calls and 2 weeks, is this normal or am I getting played?
I thought locking a rate cap for a $4.2M multifamily deal in Charlotte was supposed to take a couple days, but my broker kept saying quotes were coming and then the bank changed their underwriting twice, so how long did your last cap actually take to pencil out and did you end up paying way more than the initial quote?
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lunaw722mo ago
Two weeks and six calls for a $4.2M cap is slow, but the underwriting changes tell me the bank is scrambling, not playing you. My last one took 10 days and the final quote was 15 bps higher than the first number, so buckle up.
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