I am not sure if this type of loan is being offered anymore, but I currently have a 30 yr fixed loan on a multifamily mixed use property. 1/3 of the property is commercial, 2/3 are residential units. In 2005, I was able to refinance the property and obtain a 30 yr fixed loan on this property.
I have been looking into refinancing this property to try to lower the interest rate, but I am being told that I can get a commercial loan for 5yrs or a maximum of 10 yrs. 30 yrs is no longer offered (is what I am being told).
Does this sound correct? Any ideas what is the longest term offered for commercial mortgages in MA.
I live in Ithaca, NY and that sounds about right. 5-20 years (depending on the collateral) sounds right.
I am in Ithaca, NY as well and 5-20 years is the norm now for commercial. One thing I would recommend is to shop around. I was able to get a 3 commercial loans through a local credit union that are 15 year loans, but amortized over 25 years. This is about as good as it gets from what I have found. They certainly don't come out and offer to amortize over a longer term, so I would suggest asking and you might be surprised what they have to say.
Hey Chris, good to see you on BP. Im assuming the kids are in bed? haha
Hey, thanks for the info guys. I belong to a credit union so I will check them out to see what terms they are offering.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing