Rental Property Investor · Lincoln, NE · Member since 2013 · 91 posts · 31 votes
Hi BPers,
Has anyone seen better terms for multifamily lending than 20 yr am fixed, 80% LTV? I'd really like to find a 25 year am if possible. (I'm guessing 85% LTV is out of the question.)
My loan shopping focus has been on many local or regional banks, and tried one national internet-based bank. Wondering if there's a category of lenders I'm missing that would have better terms?
Some situational specifics pertaining to the question:
8+ units, $250k+ loan amount
Current rate at 4.5%
Property in Omaha, Nebraska
New investor, no existing portfolio to leverage
High credit score, Good personal income
I'd take only 6-10 years of a fixed rate until reset if that made the 25 yr am possible. Any thoughts or possibilities? Thanks!
Lender · Omaha, NE · Member since 2008 · 1k+ posts · 1k+ votes
10y
I can get 85% LTV at American Interstate Bank in Elkhorn. It's only 20 year am though, with 3/3/3 adjustable. Theit interest rate was 4.25 about 2 months ago...
Rental Property Investor · Lincoln, NE · Member since 2013 · 91 posts · 31 votes
10y
@Mark Holencik Correct, I mean commercial property and lending. I have talked to multiple lenders who will do a commercial loan with a 15-20 year life, no balloon.
@Owen Dashner Thanks for the reference, but unless American Interstate of Omaha isn't on the same page as the Elkhorn branch, I tried them already. They only do 80% LTV on commercial. And 20 year am, right.