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Malik Banks
  • Jefferson Mnr, VA
2
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Is it possible to refi after a interesr only loan?

Malik Banks
  • Jefferson Mnr, VA
Posted
Hey everyone, I’m a beginner investor but I believe in the go big or go home methodology to life. I have a 400+unit apartment building I have been contemplating about purchasing with a hard money loan. With purchase price at 25M. NOI at 1.8M. Was wondering if 1. I can have a 10M hard money loan interest only at 9% (900K per year) leaving me with 900K annually. For 3 years with a balloon payment. 2. Can I write a 15M note for 3 years and refi the 25M in 3 years to an amortizing loan with a bank. 3. How long do banks usually do multi family amortizing loans. Any feedback would be great! I do not want to flip the property. I just want to buy and hold! Thank you!

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