30-year term on commercial loan?
Hey everyone, I'm new here and looking forward to connecting about real estate investing. My partner and I are in the process of buying a 12-unit multi-family building in the West Chicagoland area for $700,000.
The financials are solid, fully-occupied, all paying, room for rent increases, easy to rent units close to Chicago CTA line. Gross rents at $8,600, net at $5,600+.
I'm looking through my financing options, and trying to get the best combination of long amortization schedule, low rate, and low down payment (want to maximize cash flow early on). We'd specifically like a 30-year amort, and 80% LTV.
I know these are harder to come by for commercial multi-family, but do any of you know if there are 30 year terms on this kind of loan?
Thanks in advance.