@Gary Schiefelbein I am getting a 30 year amortization/5 year term right now on a 19 unit building in Berwyn. I would say 25 year amortizations are the norm for most apartment building loans I have seen. I am unsure if this changes for commercial, industrial, etc.
What institutions are giving these rates usually? I know I could call around to all the different lending institutions in my area, but if I can narrow it down it would be a better use of my time. So I appreciate your feedback. Thank you very much.
Yes, 30 year amortization with 1-4 family residential financing and 20-30 year amortization with commercial multifamily financing. Below is a link on multifamily financing (no affiliation with them...just a good tool).
30-year is the norm with Fannie and Freddie GSE. It gets easier in some ways as the loan gets bigger. 10-year balloon is standard. But, they don't do small stuff. For that you'll need to go to portfolio lender, and that's hard at 30. 20 to 25 is more likely.
Thank you for the help.
You can get a 30 year fully amortized product but it wouldn't be at 6% i think more along the lines of 7.5ish
Max LTV 75%
fixed anywhere from 3 to 10 years