Is this a good rate for a commercial portfolio loan?

6 Replies

Hi!

I currently got pre approved for a 250k blanket loan for my 5 rental properties
that are clear + free, I’ve got excellent credit and the terms are:

6.65% for 30 years

75%LTV

1% origination fee

— are these good terms or can anyone direct me to a lender?

Thanks!

no, rate and fee too high

Why would you need a loan for your 5 rental properties that are free and clear?

Did you mean you used your 5 rental properties as collateral?

@Clay Smith Would you have a lender you can recommend?

@Jai Reddy Yes Im trying to re-fi them so I can invest more

Originally posted by @Johanna R. :

Hi!

I currently got pre approved for a 250k blanket loan for my 5 rental properties
that are clear + free, I’ve got excellent credit and the terms are:

6.65% for 30 years

75%LTV

1% origination fee

— are these good terms or can anyone direct me to a lender?

Thanks!

30y fixed (I assume it's NOT something like 5y fixed but amortized over 30y) commercial loans are hard to come by. It's definitely worth to consider at least.  1% fee is somewhat standard too.

Johanna, would you please share your bank contact? (PM is better)