WASHINGTON, DC—Six years ago, George P Calomiris, president of Southeast Properties, was introduced to NASA Federal Credit Union and it was love at first sight. “I have done just about every loan with them since then, from multifamily finance to bridge financing to a home loan.” Credit unions don’t require a prepayment penalty, he noted, and their fees and points are substantially less.

Calomiris makes those comparisons from experience: He is currently in a defeasance situation “and I can’t do anything and am locked into that rate.” In another case, he “just closed a conduit loan and the fees on that were in excess of four points—I have never come close to that with NASA.”

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