All Forum Posts by: Ed Poltonowicz

I did not get a quote for a straight 15 year term. I need the 25 year amortizing to make the cash flow work for me.

However, they will move the balloon to 15 years as long as I allow the rate to float after the first 5 years. I figure I will take advantage of that so I do not need to worry about the note being called in 5 years.

I am purchasing an 8 unit residential building for $725,000. Instead of putting down 25% I am having the lender cross-collateralize for an equivalent amount on another property that I own free and clear.

The terms are 5.25%, 5 year balloon, amortized over 25 years, 1 point

Do these seem like good terms in the current environment?