Re: Mortgage Options
Hello Kathryn -
It was nice talking to you today. The apartment sounds wonderful!
Here are payments on a $5MM mortgage based on today's purchase rates. We can lock the loan when you are under contract and within 60 days of closing. We would be looking for construction to be 100% complete and for 50% of the units to have closed in order to close our mortgage. These rates are subject to change of course, but of course we will go to bat for you to get you the best possible rate when the time comes.
Loan Details
Mortgage Product
30 Year Fixed
10/1 ARM
7/1 ARM
Loan Amount
$5,000,000.00
$5,000,000.00
$5,000,000.00
Interest Rate
4.125%
3.250%
3.125%
Monthly Payment
$24,232.49
$21,760.32
$21,418.77
Loan Details
Mortgage Product
30 Year I/O
10/1 ARM I/O
7/1 ARM I/O
Loan Amount
$5,000,000.00
$5,000,000.00
$5,000,000.00
Interest Rate
4.2500%
3.3750%
3.250%
Monthly Payment
$27,708.33
$14,062.50
$13,541.67
Citi Private Bank is fine with using unsecured loans towards the down payment. If you are interested, Marilyn and Ricardo can look at doing Line of Credit up to $1MM at Prime + 0%.
If you or your seller would like a pre-approval letter, we can take an application, document income and pull credit in advance of going under contract. We'd send the information through underwriting so you'd have a pre-approval letter in hand when negotiating the contract (on this or any property really). Then we'd move forward with items relating to the property - appraisal, title work, insurance - about 60 days from closing. Thank you for giving Citi Private Bank the opportunity to help with your financing.
Please let me know if you have any questions. We look forward to working with you.
Best, Cindy
Cindy B. Cleveland
Manager, Mortgage Associate
Citi Private Bank
2859 Paces Ferry Road, S.E.
Vinings Overlook III
Suite 700
Atlanta, GA 30339
The chart didn't go through, but I can translate if you can't see how these line up.
Sent from my iPad
7/1
And not the interest-only option, corr=ct?
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