Anyone offering 10+ year fixed loans to LLC for multifamily?

[Joe A.]

Hello-

All the local banks I have spoken to are offering 5yr fixed/20-25 year amortization loans for multifamily loans with an LLC as the purchaser. Purchase price 250-500k. Anyone know of any banks that are offering longer fixed terms? I am worried about the 5yr reset on the rate. Thanks.

[Joel Owens]

That is actually decent for that small of a loan.

Not many lenders interested in that deal size as no money in it for them.

10 year money is usually on loans in the millions or more. Probably going to be about the best you can do. Could have the seller hold a second for 7 or 10 years and put less down etc.