Banks doing over 10 year term? - 6 units
Do any of my fellow BP members know of a 6 unit lender in Chicago who can do longer term loans (Looking for 20-25 year term or a 15 year term with 25 year amortization). This is for buying a 6 unit building stabilized. Under 800K.
Most banks want a 5-10 year balloon 25 year amortization. Wells Fargo was willing to do a 15 year term 15 year amortization annually adjusting which is the longest term I have been able to find but being only 15 year amortization weakens cashflow. Does anyone know of a local bank that could do something similar with a 15 year term but on a 25 year amortization? Both myself and partner are very strong borrowers.
Feel free to PM. Thanks
Most Popular Reply
My bank (Gold Coast Bank) can do 25 year terms and 25 year amortization for Chicagoland properties. We are a community bank. Feel free to message me anytime to discuss.