I’m finishing construction of my 4th rental and it’s not leveraged. I need to mortgage it to move forward. The lender I’ve been working with can’t do the loan because my 2021ytd doesn’t match my 2020 income (I stopped building for profit and started keeping the houses as rentals).  I’ve got offers for:

4.25% fixed for 5 on a 20 year loan. I’ve worked with this lender and they’re SLOW. No prepayment penalty 

OR:

5.75% fixed for 30. A client of mine has extensive experience with this lender, but I don’t. No prepayment penalty after 3 years. 

Costs are about $1000/2250 respectively (plus appraisal, attorney etc). Looking for some input on one direction over another.