Hey guys, I need help on this loan. Can anyone compare this for me? An excel spread sheet would be best if not feel free to post results.
Thanks,
Zook :0
Bank 1
Loan amount: $3,250,000
Term: 60 months
Repayment: Monthly payments of principal plus interest based on a 20 year amortization.
Rate: 1 month LIBOR+3.25%, fixed with a SWAP (current all in rate is approximately 5.09%)
Fee: 1.00%
Guarantee: Non-Recourse except for standard carve outs.
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Bank 2
Loan - $2,900,000
Future Advance Option - $350,000
Rate - 6.10%
Term - 33 months with 3 year extension option with a re-price (3 year LIBOR Swap Rate + 325 bps; not to be less than 6.10%)
Amortization - 20 years
Guarantee - Partner 1 & Partner 2 limited to 25% each
Prepayment Penalty - $0
Fee - 0.50% ($14,500); 0.50% on Future Advance Funds
Monthly Payment ($2,900,000 loan) - $21,093.87
Annual Debt Service ($2,900,000 loan) - $253,127
Thanks,
Zook :0
Bank 1
Loan amount: $3,250,000
Term: 60 months
Repayment: Monthly payments of principal plus interest based on a 20 year amortization.
Rate: 1 month LIBOR+3.25%, fixed with a SWAP (current all in rate is approximately 5.09%)
Fee: 1.00%
Guarantee: Non-Recourse except for standard carve outs.
------------------
Bank 2
Loan - $2,900,000
Future Advance Option - $350,000
Rate - 6.10%
Term - 33 months with 3 year extension option with a re-price (3 year LIBOR Swap Rate + 325 bps; not to be less than 6.10%)
Amortization - 20 years
Guarantee - Partner 1 & Partner 2 limited to 25% each
Prepayment Penalty - $0
Fee - 0.50% ($14,500); 0.50% on Future Advance Funds
Monthly Payment ($2,900,000 loan) - $21,093.87
Annual Debt Service ($2,900,000 loan) - $253,127