I'm curious if I'm getting good rates from my local lender. I've done about 10 deals with them and they're extremely flexible. Right now they're loaning me 75% LTV on a rehab house based on what the appraisers opinion of what the ARV will be. So they're very flexible with me but here are the general terms I'm working with
5 year balloon
I'm fully aware that I'm able to get a secondary market mortgage then quit claim to my LLC but because all of these are in partnerships I don't want to do that at the moment.
For a commercial lender what kind of terms do you get?
Need more info. Are they lending you money while the house is under rehab? Or is the home already rent ready. Is this for purchase or refinance? What is the seasoning required on title for them to lend?
Terms I work with are normally:
30 year fixed/amortization
Let’s say for this question I’m asking specifically for a post rehab house that I’m looking to refinance.
How are you getting fixed 30 years on a commercial loan? We're talking loaned to an LLC rather than an individual correct?
Yes 30 year fixed for LLCs. Send me a PM and we can chat.
I'm getting 20 year am, 5 year balloon at 5.67%. These were the terms of my latest refinance about 4 months ago. I would venture to guess that if I were to try to buy or refinance a property in the current rate environment, it'd be closer to 5.25-5.50% with the same amortization period and balloon period.
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