Is this a good term to take the loan?

I have a lender who is willing to offer me one million cash out refinance with 10 years fixed term at 6.8%. The fee charges is 3% I haven't found any property to invest yet. The lender is giving me 3 days to make decision. Should I take the risk to accept the loan?
In Buying Property - Asked by ling C. - Jan 16, 2009
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Answer(s)

Chris S.
Broker/Agent
Coeur D'alene, ID

There is not enough information provided to make an informed decision?
Cash out on what? Why would you take out money if you have nothing to use it for? Why is the lender giving you such a short time frame to consider their offer?

Jan 16, 2009
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Andrew B.
Lender/Mortgage Broker
Vallejo, CA

Is the cash out from a property you are refinancing to then invest in more property? Also 3% percent is quite high as the broker is just going straight to a bank to provide financing. If you have the oppportunity to use the cash wisely I would recommend it, but always hazard a caution that when someone palces time constraints on you they may be pushing you into something that isn't in your best favor.

Jan 16, 2009
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ling C.
Owner/Investor
West Columbia, SC

Chris and Andrew Thank you both for answering my question. I was interested in one piece of commercial propery and using one of my other properties as collateral to refinance. Then the seller withdrew the property from the market. I am still
trying to looking for another investment property to buy.

Jan 16, 2009
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ling C.
Owner/Investor
West Columbia, SC

What are the current market terms for commercial property loans?

Jan 16, 2009
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