With the 10-year Treasury note trading at very attractive rates, cooperative apartment buildings and owners of multi-family buildings are taking advantage of low rates and refinancing.
five-year fixed loans — are offered by government-chartered companies, which include Freddie Mac and Fannie Mae.
Commercial and savings banks are providing attractive financing for terms of five to 10 years with rates as low as 4.85 percent to 6 percent.
A few months ago, appearing on my television show, James Carpenter, chief lending officer of New York Community Bank, perhaps the most active lender for multi-family apartments, noted that the bank is planning to provide close to $3 billion in financing in the multi-family sector in 2010.
Joining New York Community Bank, Investors Savings in providing financing and Dime Savings Bank of Williamsburgh are Ridgewood Savings, M&T Bank, Capital One, Signature Bank, Herald National, Astoria Federal, TD Bank, Oritani, Wachovia as well as National Cooperative Bank, the latter for co-op apartment buildings.