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Comparing mortgage loans
flupsie
Posts: 1 Newbie
I have a business mortgage of $ 5 M which was taken out several years ago and the balance owing currectly is $ 1.5M at an interest rate of 5.5. I require $ 10M for expansion purposes which I can finance as follows:
1) $3.5M can be advanced on the original loan (Int 5.5%)
2) I have cash of $ 1.2 which I can deposit into the current mortgage and receive interest at 5.5 % until the funds are required to be drawn out of the mortgage a/c
3) I can borrow $ 6.50 from the current bank at 6.0%. A opposition bank is prepared to lend me $ 6.5M at 5.85%
4) I can borrow the full $ 10 from an opposition bank at 5.75%. However If I cancel the existing morgage with the current bank, there is a penalty for cancellation of the morgage of 1.2%
I would like to set up a spreadsheet to do a comparison of the vsrious options
It would be appreciated if someone could assist me
1) $3.5M can be advanced on the original loan (Int 5.5%)
2) I have cash of $ 1.2 which I can deposit into the current mortgage and receive interest at 5.5 % until the funds are required to be drawn out of the mortgage a/c
3) I can borrow $ 6.50 from the current bank at 6.0%. A opposition bank is prepared to lend me $ 6.5M at 5.85%
4) I can borrow the full $ 10 from an opposition bank at 5.75%. However If I cancel the existing morgage with the current bank, there is a penalty for cancellation of the morgage of 1.2%
I would like to set up a spreadsheet to do a comparison of the vsrious options
It would be appreciated if someone could assist me
0
Comments
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This is a consumer website in the UK.
You are dealing with commercial products in, it appears, the US.
I doubt anyone on here will be able to assist.0 -
Pay someone to do it for you. Or are you short of cash?.... I would like to set up a spreadsheet to do a comparison of the vsrious options
It would be appreciated if someone could assist meHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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