Recommendation for Commercial loan !
Looking for a commercial loan. Would like to know the ongoing interest rate with what %age down for how many years?
And if anyone can recommend lenders they work in the past would be great as well.
please feel free to PM.
Good morning Atta. Unfortunately, a request like that is way too broad and almost no one will give you an answer that is very helpful. I'd say generally, you're looking to put 20% to 25% down as an investor, but you might be able to put as little as 10% down if you're going to owner occupy. Each bank is going to have a risk appetite and will be willing to lend based on the facts and circumstances of your individual scenario.
This is a situation where you're going to have to do some leg work and speak with commercial real estate brokers as to who they would recommend working with and then call local banks. Sometimes local is best.
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Originally posted by @Atta Bari:Looking for a commercial loan. Would like to know the ongoing interest rate with what %age down for how many years?
And if anyone can recommend lenders they work in the past would be great as well.
please feel free to PM.
If you put this in the Marketplace, you'll get more than enough commercial lenders plying their wares. The range of products you're asking for runs from 85% loan to value for a hard money interest only loan to 80% ltv for a 30 year fixed and anything in between. This is commercial.
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On commercial retail properties you can typically forget 20% down type stuff. It's rare to get 25% down and 30% to 35% down is more typical.
There are so many variables to what you are asking. Multifamily sometimes you can get in with 20% down it's usually Fannie and Freddie money.
