6 secrets to negotiating the best deal on your business loan (3 of 3)
October 23, 2015
SBA LINC VS TBBLIT: S Fla Business Owners, Which One is Better?
November 5, 2015
Commercial Loan Rates – South Florida 10/28/15
For the most part interest rates on business loan from South Florida area banks held steady in the month of October. Although a few raised their rates by ¼% on their 5 year fixed products the majority of banks/lenders, (most importantly the most aggressive ones) held their rates steady.
Commercial Real Estate (owner occupied)
Competition is heating up for these traditional commercial real estate loans and the Banks who are in a growth mode are showing no signs of raising their pricing.
To differentiate themselves we are also seeing some lenders lowering their fees and in some cases paying for parts of a customer’s standard closing costs (appraisal, doc stamps, etc).
| Commercial Real Estate (Owner – Occupied) | ||||
| Term | Interest Rate | Rate locked for | Amortization | |
| Best | 15 yrs | 3.99% | 15 years | 15 years |
| Average | 10 yrs | 4.50% – 5.00% | 5-10 yrs | 20 years |
Commercial Real Estate (SBA Pricing)
Pricing on SBA commercial real estate loans seem to varying widely among area lenders.
| Commercial Real Estate SBA | |||||
| Term | Interest Rate | Rate locked for | Amortization | ||
| Best 504 | 20 | 4.50% | 20 years | 20 years | SBA 504 |
| Avg 504 | up to 20 | 5.00% | up to 20 yrs | 20 years | SBA 504 |
| Best 7a | 25 | 4.90% | 25 years | 25 years | SBA 7a |
| Avg 7a | 25 | 6.00% | Adjustable | 25 | SBA 7a |
Machinery & Equipment Loans
Lenders are offering lots of options when it comes to how long you want your M&E loan to last?
| Machinery & Equipment Loans | |||||
| Term | Interest Rate | Rate locked for | Amortization | ||
| Best | 3 | 3.00% | 3 years | 3 years | |
| Average | 5 | 4.50% | 5 years | 5 years | |
| Best | up to 10 | 5.50% | up to 10 years | up to 10 | SBA loan |
Working Capital Loans
| Working Capital Loans | |||||
| Term | Interest Rate | Rate locked for | Amortization | ||
| Best | 1 yr | 3.75% | adjustable | Int Only | Annually renewed |
| Average | 5 | 5.50% | 5 | 5 | |
| Best | up to 10 | 5.50% | up to 10 years | up to 10 years | SBA loan |
The above pricing was provided by The Best Business Loans in Town which is a local on-line marketplace, using technology to dramatically simplify the execution of shopping for business loans.
This information was gathered from over 20+ local banks and lenders in the South East Florida market.
To see for free what terms you or your Clients could qualify for, please go to our website www.tbblit.com. Finding out is very fast and easy and normally takes 10 minutes or less.
