30 year loans for Mixed-use

[Forrest Hayashi]

Hi,

I just spoke to a local lender and was told that a 30 year fixed rate for a mixed use property is now at a whooping 5.80% for a $500K property. 

Does anyone have this quote as well or know any good Commercial lenders around Philly? I feel like to jump a whole point from 4.80% (quoted 2 weeks ago) within weeks time is insanity right now, unfortunately there aren't many commercial lenders available.

Thank you!

[Andrew Freed]

@Forrest Hayashi - Try Convoy Home Loans. They offer 40 year loan products to investors, first 10 years interest only remaining 30 years fixed. I'm getting quotes for 4.375 and the loan products work for buildings up to 29 units. I'm happy to do a warm introduction if that interests you.