All Forum Posts by: Kyle Potswald

@Angel Lee What's your estimated credit score? Talk to a local bank/credit union that can do a portfolio loan for you. Their underwriting can help you get away with a potentially lower credit score

DSCR lenders place a huge amount of importance on credit score so if your credit is <640, it'll be hard to get approved for a DSCR loan (though most local banks are at 650, some might grant exceptions or go below that depending on your finances)

Feel free to PM me to go through your situation

Right now, the advantages of getting a shorter fixed rate loan (either a true bullet commercial loan or something like a 5/1 or 7/1 ARM) aren't really advantageous and the savings on rate are really low (you might for example only be looking at like 15-25 bp lower on interest rate vs. 30-year fixed) so getting the 30-year fixed is probably best for optionality and in general. Also, if your properties are in Minnesota, there is no prepayment allowed on 1-4 unit properties even on commercial loans so you can prepay at any time or partially along the way on a psuedo-25 year amort if you'd like.

Don't know your specifics but I'd guess that getting 30-year fixed rate financing is probably your best bet and allows you to pursue any strategy you'd like over the course of the loan

I already shared that Eliott and have multiple replies now - thanks for the interest though - have a good day