Tough time getting a good rate

[Kenny M.]

I purchased a 20 unit building around New Haven and I have been having a bit of a tough time with the rate. My FICO is around 790, I purchased it for cash, and now I am trying to cash out. It spits out about $140k per year and profitable. The best rate I can receive thus far is around 6.8% with a 5 year ARM based on a 30 year amortization. I have other properties and have been doing this for a few years. However, this is the first time I've attempted to get a loan and it's a pain.

Any suggestions on what to do?

[Cody L.]

That's crazy. My credit score sucks (okay, doesn't suck, just isn't great. Like 700 or so maybe?). Most commercial loans I'm getting are 5-10 year term. 4.5-5% rate.

Sound like you're only talking to private money guys? Have you tried local banks? Lending brokers?