How do people get 30 yrs fix loans on investment properties? the banks I have talked to only do ARM for investment loans.
It’s easy, for 1-4 unit properties if you’re buying in your personal name as opposed to an entity. If an entity, pretty much forget it unless you can find a small local credit union maybe.
So do you buy under your personal name? how do you manage the liability side if anything was to happen?
Thank you Kyle, is this for personal name mortgages or LLC? is it possible to get a loan under and LLC for 30 year fix?
@Claudia Starr Insurance, that’s what it’s for.
Thank you ! The banks around here won’t lend for investment properties on a 30yrs fix .. even on a personal name . I will start looking deeper . Thank you very much for your response
Thank you very much ! I appreciate the time you guys took to answer my question !
Originally posted by @Kyle Schlosser :
@Thomas Bender There is a potential that it could trigger a “due on sale clause” if the ownership is transferred...even if just from you as the individual to an LLC.
Wells Fargo has done a few 30 yr fixed for me..
The due on sale clause is a real thing, but from everyone I've talked to, I have yet to find anyone who has actually heard of banks calling the loan. That being said - it is always possible.
Try talking to your insurance agent and closing attorney prior to closing and ask if you can set up a deed transfer at closing to transfer over to your LLC.
All this informations is very valuable . I really appreciate it guys !
Are you talking about buying SFH up to 4 units (Conventional Mortgage) or multifamily of 5+? If 5+ then you are looking at commercial loans and they generally dont do 30 Amortization. However, if you are looking for a commercial loan of over 1 million then FreddiMac has a product that has a 30 yr Amortization.
But conventional mortgages for sure should do a 30 yr amortization.
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