What are good terms for a portfolio loan?

[Michael Wentzel]

So I'm about to go shopping for a second portfolio lender. My current portfolio lender is a regional bank and has been great. They have done five portfolio loans for me at 5%, amortized over 20 years with a 5-year balloon. They would like to wait 6 to 12 months before doing another one. But I would like to keep acquiring properties and I'm about to go looking for a second portfolio lender.

I know terms probably vary widely, but what kind of terms have you been getting from your portfolio lender?

Mike

[Phillip Syrios]

a year or two ago we were usually getting 6.5% interest, 15 year am, 5 year term, .5% origination fee, no prepayment penalty and 75% LTV.

Now our target is 5% interest, 20 year am, no origination fee, 5 year term, no prepayment, 75% LTV. We don't always get that but we have been getting pretty close on our more recent refinances.