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Getbig Bodybuilding Boards => Gym/Stores/Industry Business Board => Topic started by: Eyeball Chambers on February 28, 2010, 08:13:20 AM

Title: (Off Topic, Srry RON!) Commercial Mortgage Question
Post by: Eyeball Chambers on February 28, 2010, 08:13:20 AM
With $100,000 down on a $800,000 commercial building, what would the monthly mortgage payment be?
Title: Re: (Off Topic, Srry RON!) Commercial Mortgage Question
Post by: newmom on February 28, 2010, 08:15:10 AM
eyeball, I'd shop for mortgage rates..have you or the person looking for the mortgage been pre approved yet
Title: Re: (Off Topic, Srry RON!) Commercial Mortgage Question
Post by: Eyeball Chambers on February 28, 2010, 08:19:47 AM
Quote from: newmom on February 28, 2010, 08:15:10 AM
eyeball, I'd shop for mortgage rates..have you or the person looking for the mortgage been pre approved yet

No, but the person that would be making the purchase has a lot of money and property so I don't think that will be a problem.  I was just doing some basic figures to see how much they'll make monthly.
Title: Re: (Off Topic, Srry RON!) Commercial Mortgage Question
Post by: newmom on February 28, 2010, 08:21:09 AM
Quote from: Eyeball Chambers on February 28, 2010, 08:19:47 AM
No, but the person that would be making the purchase has a lot of money and property so I don't think that will be a problem.  I was just doing some basic figures to see how much they'll make monthly.

then here comes a dumb question, why dont they put more money down
Title: Re: (Off Topic, Srry RON!) Commercial Mortgage Question
Post by: Eyeball Chambers on February 28, 2010, 08:24:44 AM
Quote from: newmom on February 28, 2010, 08:21:09 AM
then here comes a dumb question, why dont they put more money down

I don't know, I thought $100k was about right?  ???

I'm just a getbig twink with no money driving a rusted out 1965 Austin Mini.  How should I know anything.  :)
Title: Re: (Off Topic, Srry RON!) Commercial Mortgage Question
Post by: newmom on February 28, 2010, 08:28:38 AM
Quote from: Eyeball Chambers on February 28, 2010, 08:24:44 AM
I don't know, I thought $100k was about right?  ???

I'm just a getbig twink with no money driving a rusted out 1965 Austin Mini.  How should I know anything.  :)

lmao, but your a cool twink if that matters
Title: Re: (Off Topic, Srry RON!) Commercial Mortgage Question
Post by: Eyeball Chambers on February 28, 2010, 08:29:22 AM
Quote from: newmom on February 28, 2010, 08:28:38 AM
lmao, but your a cool twink if that matters

Thank you, I don't really drive a rusted out mini cooper.  ;D

That would be funny though...

(http://bradleysmotormania.com/images/050509/mini1.jpg)

Pulling up to the getbig banquet, my broken down Mini being towed behind Alex23's Hummer...
Title: Re: (Off Topic, Srry RON!) Commercial Mortgage Question
Post by: calfzilla on February 28, 2010, 09:06:22 AM
go to bankrate.com they have great mortgage calculators. 
Title: Re: (Off Topic, Srry RON!) Commercial Mortgage Question
Post by: Eyeball Chambers on February 28, 2010, 09:10:07 AM
Quote from: calfzilla on February 28, 2010, 09:06:22 AM
go to bankrate.com they have great mortgage calculators. 

thanks!
Title: Re: (Off Topic, Srry RON!) Commercial Mortgage Question
Post by: liberty on February 28, 2010, 09:40:00 AM
At 5 % for 30 years on 700,000
Its $3757.00  a month
Total payback is 1,352,790.00

Not sure what taxes and insurance would be on top of that......
Title: Re: (Off Topic, Srry RON!) Commercial Mortgage Question
Post by: Eyeball Chambers on February 28, 2010, 09:42:03 AM
Quote from: liberty on February 28, 2010, 09:40:00 AM
At 5 % for 30 years on 700,000
Its $3757.00  a month
Total payback is 1,352,790.00

Not sure what taxes and insurance would be on top of that......

Thank you sir!
Title: Re: (Off Topic, Srry RON!) Commercial Mortgage Question
Post by: MJK on February 28, 2010, 09:42:17 AM
Quote from: liberty on February 28, 2010, 09:40:00 AM
At 5 % for 30 years on 700,000
Its $3757.00  a month
Total payback is 1,352,790.00

Not sure what taxes and insurance would be on top of that......
Banks are f'in theives
Title: Re: (Off Topic, Srry RON!) Commercial Mortgage Question
Post by: Migs on March 03, 2010, 07:25:07 PM
It depends on the rate he/she gets, as well as the term.  Also if they are buying any points toward the loan and if any costs are getting rolled into the amount. 
Title: Re: (Off Topic, Srry RON!) Commercial Mortgage Question
Post by: Eyeball Chambers on March 03, 2010, 07:38:55 PM
Quote from: Migs on March 03, 2010, 07:25:07 PM
It depends on the rate he/she gets, as well as the term.  Also if they are buying any points toward the loan and if any costs are getting rolled into the amount. 

I learned a thing or two about this in class the other day.  8)
Title: Re: (Off Topic, Srry RON!) Commercial Mortgage Question
Post by: Migs on March 03, 2010, 08:00:53 PM
i'm sure you did young paduan, lol.  commercial RE can be profitable, but is generally a pain in the butt.  Long time to negotiate deals and more involved processes.  I need to find some folks that can buy/sell.  I need to buy some shoes lol.
Title: Re: (Off Topic, Srry RON!) Commercial Mortgage Question
Post by: calfzilla on March 04, 2010, 12:08:24 AM
Usually points are not worth it, in some instances they are.