Got the same quote from Citi. 2.375% on a 10/1 ARM with $1M AUM. No closing costs. There is a possibility of dropping down to 2.25% with FICO > 780, but no promises.modernist wrote: ↑Fri Feb 28, 2020 2:13 amI've gotten extremely aggressive pricing from Citi.
2.375% on a 10/1 with $1M in assets, no closing credits. Mortgage balance approx $1.5M.
They're also offering a 30-year fixed, where the first ten years interest-only for 3.25%. That's a product I didn't even know existed. It's the upside of an interest-only loan with pretty significant long-term rate protection.
The interest only option would be 2.5%. Probably worth the rate differential, IMHO. With the interest-only project, $200k of the value counted towards AUM needs to be cash rather than securities. But after closing, the $200k no longer needs to be held in cash.
Need to decide whether to lock the rate over the weekend or wait and see what happens next week. The panic doesn't seem to be over and I could definitely imagine rates falling even more.