New York City-based Integra Realty Resources' Fort Worth managing director Ben Loughry and Jeff Williams, vice president of Lend Lease's CMBS Group, concur that Archon Financial has taken a unique step with the move. "It's a safer haven than what the volatile stock market is doing and it's a higher return than what the bond market is paying," Loughry explains to GlobeSt.com.
Archon Financial, a Goldman Sachs company, is pushing a first-mortgage financing program for commercial loans ranging from $2 million to $75 million for up to 80% LTV and a fixed rate quoted as a spread above the five-year US Treasury. Spreads will range from 150 to 225 basis points.
Archon Financial's Ben Glatzer says the pipeline is filling up with borrowers as the sales force talks up the newest product. He's predicting Archon Financial, as a result, will walk away with a banner year when the 2002 books close. The lender is kicking in a bonus for loans that close in 60 days or less: a 30-day rate locked with no rate lock fee. A similar loan product has been available for residential borrowers, but not commercial, according to Loughry.
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