FirstService Financial, the banking and lending affiliate of FirstService Residential, closed over $500 million in loan volume across hundreds of individual properties in 2022, with negotiated interest rates averaging 50 basis points lower than what our clients could obtain on their own. This value-added service saved our clients more than $1.5 million in annual interest expense.
FirstService Financial is able to negotiate exclusive, preferred interest rates for our clients by leveraging its industry experience, long-established relationships with banking partners, and the size of our management portfolio – which reflects $6 billion in client deposits and $500 million in annual loan origination to partner banks.
The team provides an extra layer of support and accountability by serving as liaison between the board, your property manager and financial analyst, and the bank/broker to determine optimal allocation based on liquidity needs or reserve fund/study alignment.
Our team of experts is well versed in the process and expectations of lenders, which results in a quicker closing process as well.
Recent Client Success Stories | Lending
|Building||Unit Count||Loan Amount||Terms|
|Midtown Co-op||210||$6,000,000||Supplemental mortgage at 4.07%|
|Upper West Side Co-op||182||$4,600,000||10-year fixed, interest at 2.875%|
|Brooklyn Condo||179||$945,000||10-year fixed, 15-year amortization at 5.05%|
|Brooklyn Co-op||162||$7,100,000||10-year fixed, 40-year amortization at 3.2%|
|Flatiron Condo||110||$500,000||Revolving Line of Credit at WSJ Prime Rate|
|Bronx Co-op||91||$6,250,000||10-year fixed, 30-year amortization at 3.146%|
|Bronx Co-op||72||$12,000,000||10-year fixed, 30-year amortization at 3.48%|
|Brooklyn Condo||68||$2,200,000||17-year fixed, interest at 5.10%|
|Harlem Condo||48||$300,000||10-year fixed, interest at 4.25%|
|Harlem Condo||45||$600,000||10-year fixed, 25-year amortization at 5.28%|
|Downtown Condo||32||$150,000||5-year fixed, interest at 4.10%|
|Brooklyn Co-op||30||$3,900,000||10-year fixed, interest only at 3.59%|
|Downtown Co-op||14||$3,000,000||10-year fixed, interest only at 3.25%|