All Forum Posts by: Account Closed
Account Closed has started 1 posts and replied 1 times.
Post: Are there commerical Interest Only loans?
Account ClosedPosted
- Maryville, TN
- Posts 1
- Votes 0
I've read that there maybe these types of loans for bigger deals. For my application, I'd love to find interest only deals for single family rentals ($200-500k). Do banks ever do this?
I had someone try to sell me one of these but said I had to say this was my "second home". I assume that means they were pushing a Fannie/Freddie loan and I'm not comfortable with that.
Why I'm asking: I'm in a market with decent appreciation rates. I want to grow, cash flow is important to gain capital for the next acquistion. This is not a long term strategy but would be nice for the next five years to support my growth.
THIS IS ALL UNDER THE ASSUMPTION I CAN GET I/O at THE SAME OR CLOSE TO THE SAME RATES I'm getting normal commercial loans.