Updated over 5 years ago on . Most recent reply
Commercial loan program 30% down
I am going to get my first commercial mutifamily (6 unit )apartment building in north Hollywood. Listing price 1.7 million.
Most of lenders only do 65% loan, the best offer from a lender is 70% which means I still have to put 500k as down payment, interest rate is 3.85% 30 year amortized loan. 5 years plus 5. ( second 5 years interest rate will be prime plus 0.5%). Early payment penalties are 3-2-1. But if I sell the building it can be waved.
Is this a good program to get in? I am a bit nervous. Any feedback will be greatly appreciated.