@Noel Lopez Yes the properties are in personal name, the loan officer is Shawn Huss at Chemical Bank. He has a team of assistants so things are moving well and organized so far.
I think most of the comments in this thread are for primary residences / house hacks, which is why the rates are so low.
On the commercial side we are seeing sub 3.0% for a 5year loan through our regional bank lenders. On the SFH side we are seeing 3.5% on investment properties (15 year loan)
On the commercial side we are seeing sub 3.0% for a 5year loan through our regional bank lenders. On the SFH side we are seeing 3.5% on investment properties (15 year loan)
Just curious, are those commercial loans callable and adjustable at 5 years, or do they expire? Thanks
They reach the end of the term so you need to refinance. Practically speaking if you have been making timely payments the lender will offer a refi or just do nothing as the term expires (though they retain the right to call the loan at anytime since its reached the end of term)
We closed on a refi late May, got 2.75% 30yr VA loan for the property we live in. points were around .125 I believe you can get the same rate right now but the points are 2.5! We had decent timing as we locked on the Monday when the 10 yr went to all time lows just as Covid + Oil scare was happening. If anyone needs a VA loan officer reference let me know. MB was my former boss so I have known/trust him for awhile. His focus is VA, any state.
For commercial loans to an LLC- 3.75-4.75% on 5 year money, between 20-30 year amortization depending on the bank. 5+ unit rates are cheaper than 1-4 unit. Primary markets are even cheaper than these numbers depending on where.
I closed yesterday on 2 VA IRRRLs with LoanDepot. Primary residence at 2.25%, 30 year fixed, no points or fees, 1% lender credit. Investment property at 2.75%, 30 year fixed, no points or fees, $573 lender credit. Both properties located in VA.