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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,858
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Businessmen and bankers, rates and terms right now??? Other ???'s
What kind of rates and terms are you guys getting on business loans right now?
Say LOC, Mortgage on premises, Equipment loans, etc... Just curious what things are at right now. Also curious what kind of terms you're getting/giving on equip loans and mortgages. My company is losing a large percentage of business to China in the next two months and we are restructuring debt to weather the storm while we reload and recover the lost business. I meet with my bank on Tuesday and am going to ask them for some help to smooth out the bumps for the next few months. What should I expect? Stretching things out and/or going interest only for a short period? Any other ideas? How receptive should I expect them to be to help us out this way?
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Cornpoppin' Pony Soldier |
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09-23-2006, 09:23 AM
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Registered
Join Date: Apr 2001
Location: Linn County, Oregon
Posts: 48,516
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I can't comment on today's rates & terms, been out of the game too long. But I can give a bit of advice...rate shop. Compare banks. Check them out as the customer you are. They are in the biz of selling money. So, develop the attitude of: "What can you do for me?"
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"Now, to put a water-cooled engine in the rear and to have a radiator in the front, that's not very intelligent." -Ferry Porsche (PANO, Oct. '73) (I, Paul D. have loved this quote since 1973. It will remain as long as I post here.) |
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09-23-2006, 09:27 AM
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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,858
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Quote:
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Cornpoppin' Pony Soldier |
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09-23-2006, 09:30 AM
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Unconstitutional Patriot
Join Date: Apr 2000
Location: volunteer state
Posts: 5,620
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I am neither a businessman or banker, so you may equate my word with a quart of piss.
Commercial side can be tied to the prevailing adjustable rates. You might be looking at a loan tied to prime rate, 8.25% or perhaps one of the cheaper rate indexes, like LIBOR or COFI? Overall--I'm referring to the entire lending market--the market is more 'loose' than in the past. In other words, banks want to lend you money. However, as compared to the recent past, interest rates have trended upwards. If you're refinancing debt acquired in the recent past, you might be in for a not-so-great surprise. A friend of the family is trying to take equity out of his asian foods store, and he's getting solicitations for adjustable rate mortgages. This is only $150-200k, though. Wish I could give you more facts than BS, but the OT forum is better when you mix things up. 
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09-23-2006, 10:33 AM
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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,858
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Thanks,
Loose is good 
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Cornpoppin' Pony Soldier |
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09-23-2006, 10:36 AM
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