30yr fixed investment loan Louisiana

8 Replies

Hello. Been browsing for quite a while and learned a lot but trying to narrow down my options and appreciate any advice.

Properties are located in Louisiana and owned out right placed in LLCs. One is a Single and one is a double.

I was quoted by a local guy around 6% and 2 points with I believe a 70% LTV 30yr fixed. The rate seemed high which is why I'm asking.

Does anyone recommend a company to shop around with? My credit is excellent being 720+

Monday I’ll call Limaone and Lendingone but was wondering if anyone else has local experience with credit unions maybe or anyone else.

Thank you

Investment properties don't get the 2.3% rates that are available for a personal residence. Commercial rates should be closer to 5%. I would not pay any points to this guy. Keep shopping other lenders. Points are just pre-paid interest. Money is cheap now, so if they won't make it work, some other lender will.

@Stephen Senna agreed with the post above.  You should expect a higher rate....but maybe not that high?  It might be based on the property...but generally speaking they should be lending 75% of a single family home around 5% rate or so.  Again, other factors might be involved so shop around.  Bigger Pockets has some great state forums and usually there are good locals that monitor those. Also, try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. But post locally for this. That’s the best bet.  You can also check out this post on how to find good lenders HERE.  Good luck!

Also, sometimes the best option if you are going to keep them a 30 year note is to keep them in your own name or to put them back in your name.  I have a couple still in my name in Louisiana for this purpose.  Just did a 4plex that is a little over 3% in north LA.