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Vent: I got a rate quote from a local bank that was a full point lower than the big national lenders for a small retail strip I'm buying.
I mean, I almost went with a big name broker out of habit, but my attorney in Grand Rapids said to check with a couple regional banks, and one came back at 6.25% for a 5-year term on a $1.2M note, which saved me a ton, so maybe it's just me but has anyone else had better luck with smaller lenders lately?
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emmag402d ago
My experience was the total opposite.
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Honestly, that regional bank rate sounds like a unicorn, lol. We just tried three local places for a refi and they were all higher on rate and had way worse terms, like a 20-year amortization instead of 25. The big lender we went with was way more competitive.
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