I think this is a good deal and a good bank to work with. Just wanted some feedback. The terms are as follows: 20% down commercial 3.5% 5/1 ARM 20 year loan. Loan gets adjusted every 5 years and will not be raised over 2%. I want to work with this bank because they have no cap on the number of mortgages they will loan. It's a small bank that keeps loans in house. I would appreciate the feedback.
looks real good to me.
I would consider this a good deal. especially if you can pay off the property in the first 5 years, thus avoiding the potential of a higher interest rate.
I need the same advice. here is what my bank is offering me on a commercial loan:
-maximum LTV 80%
-maximum term 15 years
-ARM 25 years
-Rates are fixed for 5 years at a time
-Fees consist of actual costs plus 0.50% of the loan amount
Let me know...
@Chad Kamerad take it because it's a great rate and terms, not because you are limited to how many properties you can finance. You can always finance commercial property no matter how many you have. If that's a limitation, look elsewhere. Take that deal, it's a good one.
what is your interest rate?
thanks so much everyone. I hope this property works out well. I am happy to have found this community.
Originally posted by @Willy M. :
That's about market rate. That's a decent deal. If it's from a reputable company and the closing costs are reasonable, I'd take. I might try to get rid of the 1/2% point, but it's not a deal breaker to me.
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