How to get the best commercial loan terms?

Question

How do I find the best commercial loan terms that's available to me in my area? I would like to have the longest amortization schedule,  with the lowest interest,  and the least amount of down payment money required!!  How do I know what my possibilities are?

Justin Jackson · Answer

@Christopher Eddy

5 yr term with 20 yr amortization are what I have always experienced. Closing costs are usually less but you have a soft refinance every 5 years usually costing a couple hundred dollars.

Steve K. · Answer

@Eric Johnson is a great lender resource on here and may be able to help you out.

Small local banks and credit unions are also great places to look for commercial loans.

Christopher Eddy · Answer

Thank you for responding.  I'm not asking for free money, I understand my lender needs to profit as well. I'm hoping to find someone in the know that can tell me what the best loan terms are for me in my specific area.  Right now everything I read online is vague, and general information.   The only people I can contact are unknown lenders who all want to pull my credit and sale their loans.   Which is completely understandable, I'm not being negative.  I am hoping to find someone on the Bigger Pockets platform that can help.

Alexander Felice · Answer

Your find commercial lenders the same way you find anything these days. Referrals, and google.

Regardless of where you live a quick web search should easily provide you with 10-20 lenders you can call.

Also, take a moment to think about what you're asking from the lender's perspective. You want to pay them the smallest amount, you want to stretch it out as long as possible, and you want them to hold the deal with the smallest amount of equity. Considering they are your money partner, how excited are they going to be about this?

How to get the best commercial loan terms?

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