Banks only offering commercial loan for Duplex.
Hello BP have you experienced any trouble financing your multi-family properties with conventional mortgages/loans. To my understanding thus far is that you could finance conventional MF up to 4 units and anything 5 or above would have to be as a commercial loan. I live in Miami, FL and several banks in the area are only offering the latter because it is a duplex investment property.
The benefits of conventional loans to my understanding are the following:
1. Interest rates are lower
2. 30 year terms = lower monthly payments (commercial loans = shorter terms = higher monthly payments = less cash flow)
3. Lower down payment (commercial loans minimum 25% down payment)
So my question is have you had luck in finding a bank or lender to finance the purchase of a duplex or multi - family using a conventional mortgage? Is it even possible in Florida?
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@Caito Coloma feel free to reach out
- Raymond J. Rodrigues
- [email protected]
- 619-456-8311
