Investor · Cincinnati, OH · Member since 2010 · 1k+ posts · 928 votes
14y
For conventional, AIM Loan has a great web site that is very transparent, and unbeatable rates: 30yr fixed for SFR investment property is currently 4.00% w/ zero points. I don't think they do properties 5-10, however. Other lenders do, like Citibank, though rates will be a bit higher (probably .25 to .50% higher).
Commercial is highly dependent upon the loan size, which will dictate if you'll need to deal with a smaller local bank, or can get better terms through a larger bank or national lender. Also, are you using the term commercial to refer to non-conventional 1-4 family housing? Or truly commercial properties? For small projects up to 12 units, my local lender is at 6.00% w/ no points on a 30-year 5/1 ARM, resetting to 1yr CMT + 3.25%. U.S. Bank's Small Business Lending arm can do 5yr balloons (20-25yr amort) in the 100k - 1.0mm range for around 4.50%. Larger than 1mm, you have access to longer term fixed rate money at pretty low rates. @darryl dahlen can add more info here.
Investor · Cincinnati, OH · Member since 2010 · 1k+ posts · 928 votes
14y
For conventional, AIM Loan has a great web site that is very transparent, and unbeatable rates: 30yr fixed for SFR investment property is currently 4.00% w/ zero points. I don't think they do properties 5-10, however. Other lenders do, like Citibank, though rates will be a bit higher (probably .25 to .50% higher).
Commercial is highly dependent upon the loan size, which will dictate if you'll need to deal with a smaller local bank, or can get better terms through a larger bank or national lender. Also, are you using the term commercial to refer to non-conventional 1-4 family housing? Or truly commercial properties? For small projects up to 12 units, my local lender is at 6.00% w/ no points on a 30-year 5/1 ARM, resetting to 1yr CMT + 3.25%. U.S. Bank's Small Business Lending arm can do 5yr balloons (20-25yr amort) in the 100k - 1.0mm range for around 4.50%. Larger than 1mm, you have access to longer term fixed rate money at pretty low rates. @darryl dahlen can add more info here.
Real Estate Investor · Virginia, DC &, MD · Member since 2008 · 261 posts · 71 votes
14y
We are looking to refinance out warehouse properties and I am finding that I am getting better offers when I package my entire banking. I am offering my personal banking, plus my HELOC, plus my other business' banking and credit card processing. Seems to make the banks dig harder into making it work.
Investor · Reston, VA · Member since 2011 · 683 posts · 191 votes
14y
Thanks for the replys. I am getting 5 yr commercial money at 5.25% with a half a point. It's amortized over 20. I'd really like to get some 15 or 20yr money.
I am with a local Bank. Can I do better with a larger bank? At least the term?
I can't go conventional investor as I have more than 10 mortgaged properties, but I am going to help my son arrange his refi. He only has 2 rentals. This is why I asked about conventional investor money.
Flipper/Rehabber · Louisville, KY · Member since 2008 · 1k+ posts · 1k+ votes
14y
Originally posted by David Beard:
For conventional, AIM Loan has a great web site that is very transparent, and unbeatable rates: 30yr fixed for SFR investment property is currently 4.00% w/ zero points. I don't think they do properties 5-10, however. Other lenders do, like Citibank, though rates will be a bit higher (probably .25 to .50% higher).
The AIM rates look good at first glance but I did not see 4% and Zero Points. I did see some massive closing cost fees they add on.
Not sure the rate looks so good anymore.
Multi-family Investor · Warsaw, IN · Member since 2012 · 7 posts · 1 vote
14y
Just got 5.5% fixed for first five years and 7.5% fixed for second ten years, 15 year ammort, 80% LTV based on purchase price. Commercial loan w/small local bank for some 1-4 unit properties
Investor · -, IL · Member since 2010 · 409 posts · 616 votes
14y
20 year amortization on a 5 year balloon at 5%. Paid nothing out of pocket, bank gave me 100% of purchase and rehab money as long as the loan is under 85% LTV after I am done with rehab.