All Forum Posts by: Chris Connery

No clue. I don't work there. Provident bank, give them a call.

@george 

@George Skidis

Thanks George, been there several times. Will sign up for a membership in the next few weeks.

@Eric Waterman

Can't answer that, sent you a PM

@Peter K.

Thanks for the clarification. The rate was actually extremely reasonable. 4.45% when I called today. No points. The interesting part was that the payments would have to be made bi-weekly if I went with the 30 year term. 20 year fixed could be made monthly.

@Garrett Hogan

I was surprised as well, I've definitely done my homework calling around. The gentleman I spoke to told me had been with the bank for 30 years. And the particular terms were reiterated both by the banker and the person that referred me to them. 

@Garrett Hogan

I have no trouble finding commercial loans that lend to LLC's either. I'm talking about residential loans that will loan to LLC's. That is something I have never found.

Just found a large local bank today that will loan conventional financing to 1-4 units Bought under LLC's. 20% down,fixed rate, 30 year term. I have never found this. Not sure if naming the bank would be in violation of the forum rules so you can PM me or advise me if it is not in violation.

@Emily B.

That's really a shame, makes things difficult. I'm using a local bank in nj called 1st colonial community bank. The rate is locked for 5 years, at the five year mark the rate adjusts to whatever the five year treasury rate is (plus whatever % they add). It then is locked for another 5 years and adjusts every five years. 25 year amortization.

@Derrick Quarles

No, the financing is not as attractive for commercial financing. The term will likely be shorter, down payment higher (25%), may have a balloon payment at some point( I've never run into this), and the interest rate will likely be a little higher. What I do prefer about them is that commercial banks make decisions much more based on the quality of the deal. Also the financial situation of its members. They don't scrutinize DTI as heavily which is great. My commercial banker has made it clear that if me and my partners liquidity stay high and we bring him a deal that cash flows, they are interested.

this is a big debate, I think llc is best. Here's an article.

https://www.biggerpockets.com/renewsblog/2015/06/14/invest-in-real-estate-using-llc/

@Kyle J.

My plan was to just pay it off with the sale of the house. It's still a standard 80% LTV heloc so I'm not overleveraging in my opinion. By my math I would only pay off about $10,000 in principal under that schedule if I did principal and interest. I'm still deciding, I'd prefer to have the cash freed up.