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Updated over 7 years ago on . Most recent reply

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Henry Lazerow
  • Real Estate Agent
  • Chicago, IL
2,712
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Banks doing over 10 year term? - 6 units

Henry Lazerow
  • Real Estate Agent
  • Chicago, IL
Posted

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

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Santiago Martinez
  • Lender
  • Chicago, IL
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Santiago Martinez
  • Lender
  • Chicago, IL
Replied

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.

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