Updated over 8 years ago on . Most recent reply
Is it possible to refi after a interesr only loan?
Hey everyone, I’m a beginner investor but I believe in the go big or go home methodology to life. I have a 400+unit apartment building I have been contemplating about purchasing with a hard money loan. With purchase price at 25M. NOI at 1.8M. Was wondering if
1. I can have a 10M hard money loan interest only at 9% (900K per year) leaving me with 900K annually. For 3 years with a balloon payment.
2. Can I write a 15M note for 3 years and refi the 25M in 3 years to an amortizing loan with a bank.
3. How long do banks usually do multi family amortizing loans.
Any feedback would be great! I do not want to flip the property. I just want to buy and hold! Thank you!