I am looking into investing a property with absolute NNN lease. Let's say the price is 1.1 mil and I will make a down payment of 30%. That leaves about 800,000 for loan.
Let's say I have a good credit with a good job.
Now how do I look for the lender for the loan?
What is the going rate of 5year fixed 30 years?
My realtor was telling me at the prime rate which is 8.25 that seemed little steep.
thanks in advance.
I just closed on a commercial loan a couple of weeks ago. The rate was 7.875%, which is a little less than prime. I also have excellent credit and experience in the business.
Also, commercial loans typically have a 20 year term, not 30 year.