Commercial Lender Terms. What to expect?
I am looking to change my strategy from SFH and small Multiunits to more commercial properties of 4+ units. I have been in contact with a commercial lender and he gave me the following terms as a rough estimate on what I could expect for the loan.
70-75% LTV
5/1 ARM
Rate between 4.75% - 5.75%
20-25-year amortization
Is this generally the norm for these kinds of loans? Any insight on this would be greatly appreciated.
Thanks everyone.