How to Reduce your Multifamily Loan Payments
there are many ways to cut costs during these times. Many insurance companies, as well as CMBS servicers, were initially unwilling to talk with owners of multifamily and commercial real estate. Recently, there is an openness taking place and I would suggest that owners continue to reach out.
Many owners are telling us that they are working on interest-only option payment forbearance agreements. Another option is to refinance your multifamily loan. If you have a $3,000,000 loan with a 30-year amortization, lowering your interest rate from 4.5% to 3.5% would reduce your payments by $20,880 a year.