Investor · Raleigh, NC · Member since 2013 · 40 posts · 2 votes
My wife and I own a 6 unit apartment building here in NC that sits adjacent to a local college campus. We have rehabbed the building and signed a 3 year lease directly with the college to lease from us for $48k a year. They are using 3 units for offices and 3 for residences. We are looking for $250k, amortized over 15-20 years.... would love and a fixed rate (around 5-6% but are fine with a balloon. We have a prospectus written up that we'd be happy to email anyone who might be interested. If there is any other additional upfront info that would be helpful, let me know.
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
12y
@John Zuch 5-6% is a bank rate. It might be possible to get a 15 year fixed loan from a bank at about that rate or a little higher. A private investor is probably going to be closer to 10% and have a shorter term. Have you tried banks in your area? I know there's at least one in our area that would at least consider this loan and does offer 15 year fixed commercial loans. Try calling smaller banks and credit unions.
Investor · Raleigh, NC · Member since 2013 · 40 posts · 2 votes
12y
Jon- Thanks for the reply. We are also pursuing local banks, but are always looking for chances to work with other investors and expand the different avenues where money comes from for our projects. We are newer investors and banking guidelines can be all about checking boxes. We like working with individuals when we can!