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Updated almost 7 years ago on . Most recent reply
Longer Term Commercial Loans
We are looking into a 60 unit project. Our commercial lender typically offers a max amortization of 25 yrs. Would you recommend we make connections with a longer term lender that can offer a 30 yr amort? Overall purchase is around $5.5million. Our largest property so far is 12 unit, it's on a 25yr amort ans the numbers are great....this one....the numbers suck and I can't make sense of it.
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Mike Dymski
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Mike Dymski
#3 Goals, Business Plans & Entities Contributor
Pro Member
#3 Goals, Business Plans & Entities Contributor
- Investor
- Greenville, SC
Talk with a commercial mortgage broker. Fannie and Freddie have excellent multifamily programs, including 30 year amortization.
25 to 30 amortization will not make "suck" turn to "good".