Investor · Charlotte, NC · Member since 2016 · 66 posts · 34 votes
I purchased, renovated, rented, and now I'm looking to refinance the property. I'm looking for suggestions on banking institutions, lending terms I should be looking for (30 yr fixed, 25 yr because its a partnership), typical interest rates, etc.
I purchased the property in a partnership with my LLC and a partners LLC. I'm stating this in case it will impact the financing.
Any help with this question will be greatly appreciated.
P.S. technically I only completed BRR, I'm looking to do the next two RR's
Lender · Hartford, CT · Member since 2018 · 21 posts · 9 votes
6y
@Thomas Magill I would say you will be looking for a commercial loan that will allow it to stay in the LLC. Rates and LTV's will vary based on credit score, experience etc. You can get a 30 yr fixed though! I'd say rates will be somewhere between high 5's to mid 7's depending upon the lender and your specific scenario.
Investor · Boulder, CO · Member since 2016 · 1k+ posts · 1k+ votes
6y
@Thomas Magill John summed it up perfectly. Now down to finding someone... There are network lists here on BP, you can PM investors and ask who they use, you can visit your local REA meetings and see what lenders show up (they always do) and who local investors use. And, some HML now have long-term fixed commercial lines, so you can explore that as well.