Residential Real Estate Broker · Chicago, IL · Member since 2015 · 3 posts · 2 votes
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.
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.
Is it possible to get these kinds of terms for this kind of property?
Thanks in advance.
Real Estate Lender and Broker · Dallas, TX · Member since 2013 · 966 posts · 500 votes
10y
I am working on a 2.35 million loan with 10/30 terms on an apartment building. Typically to get longer terms with longer ams, you need to have higher dollar purchases. Typically 2 million and up.