Investor · Baton Rouge, LA · Member since 2011 · 133 posts · 13 votes
I just got a quote from our lender on a rental property. Is this typical with what you guys are seeing in your area? Also are you guys getting a better interest rate?
5 year balloon at 5.711 interest rate Amortized over 30 years.
So, not to negate anyone in this thread's advice that you can get better rates, because you may be able to, however it's important to know all the details when comparing rates. It's likely that all the other posters quoting rates @ 30 year terms have residential loans, these rates and terms will simply not be comparable for you.
5.71 isn't bad, you should expect 20 year amortization-ish
always call around and shop rate/terms. What you have isn't bad though.
Investor · San Antonio, TX · Member since 2016 · 90 posts · 28 votes
10y
My loans are residential. I didn't realize you were looking for a commercial loan.
We are new investors. We just bought our first two 4 plexes in October 2015. I can't move on anything else until at least August, but we are already planning on acquiring more multiplexes in Baton Rouge. We are from there originally and have family helping us maintain the properties.
Rental Property Investor · Gambrills, MD · Member since 2014 · 372 posts · 88 votes
10y
Not to resurrect an old post, but we're in the middle of doing a cash-out finance on a rehab at 5.25% with 30-year amortization. It is a 5/5 arm with a 10-year balloon. Seemed pretty good for a commercial loan.