The spread for apartment complexes has also been fairly stabile this year. All of this is very good news for both borrowers and lenders.
Low rates encourage more borrowers to borrow and that makes lenders very happy.
The problem is all those conduits that were taken several years ago. They don't permit seconds and, if you want to sell or refinance, that becomes a BIG problem, especially when you look at the prepayment penalties while interest rates are as low as they are today. We at Smith Equities believe that we have an answer to your problems. We have a source for secondary financing, not really a second, but a loan against partnership interests. So, if your property has increased in value and you want to take out some money please give me a call.