Updated about 10 years ago on . Most recent reply
Little Bank, BIG WIN!!!
So, I have been trying to get lending sources lined up. I had talked with some boutique lenders such as B2R, La Quinta etc, and only coming out with high rates & less than favorable terms. Last week I got some paperwork in the mail from the bank that I keep my business checking account at. Since I was going by the bank I decided to drop by the bank & face to face with the folks there.
After I took care of the paperwork I asked to speak to their commercial lending rep.
We went through the normal introductions. When we got down to business, I was floored by the terms that they are offering.
Under $500k 20 year am with 7 year balloon for 4.6%.
The big kicker here is that they are only asking for 85% LTV, DCR of 1.25.
Most other banks/lenders I have talked to want something along the lines of 70-75% LTV. By cutting my down payment requirements in half from the 30% I had been paying to 15% it would seem that my buying power has just doubled.