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I completely agree with AR. As president of a financially sound building, currently with no mortgage, we have a policy against IO loans for individual shareholders and our board would not consider an IO loan for the building if and when we need one.
At current interest rates, you are certainly going to be paying out more in interest than you will be receiving on your investments, so there is no time value to be found there.
Tell the board they should reconsider and rework that loan for one that amortizes...
Has anyone found any lenders offering refinancing of underlying mortgages (self-liquidating) under 5% APR for 20-30 years
Not sure what the current rate(s) are but can't believe underlyings are below 5%. Check out Josh Rhine @ Meridian Capital. Don't have the # with me but they are in lower Manahattan.
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Then don’t miss a beat! Stories you can use to make your building better, keep it out of trouble, save money, enhance market value, and make your board life a whole lot easier!
And do consider a fully amortized, no ballon payment, loan. That is what we have in our building. It was setup before I bought but it was a nice feature. A fully amortized loand will increase shareholder value
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