funding Question multi-family financing a triplex

[Bill Hughes]

Hi,

My offer was just accepted on a triplex that I'm purchasing below market at $400k. I have cash to buy through a mixture of personal savings and the use of a HELOC I have out on 3 other rental properties I own. The purcahse won't be a problem, but I can't keep the HELOC funds tied up in this so, I would like to refinance it preferably with a 30yr loan when the purchase is complete. The local bank said they could offer a investment property loan at 8.65% (that's after paying points). They also said they could offer a commercial loan probably at a lower rate but shorter term with a balloon payment.
I've flipped and have been landlording for 5+ years now, but to date have never really looked for a loan on an investment property.  So, any ideas/guidance etc would be appreciated.  

[Brittany Minocchi]

Quote from @Bill Hughes:

got it! That clarification was right on the money. Thank you so much Brittany! I'm not so concerned about getting the actual market value out of the property right now as I am just getting my HELOC freed up for more potential investments.
Now if I could just find a bit better rate...  ;-) 

 No problem! Depending on your credit and the whole scenario, you might be able to get into the lower 8s. Happy to chat more if you'd like, feel free to reach out. :)