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Updated over 6 years ago on . Most recent reply
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Commercial loan through local bank for first deal
I want to fund my first deal and have money down. I met with a local bank that has commercial rental loans on a prime rate + 0.75% on a 5 yr fixed, 15% down, and amortized over 25 yrs. However, the after the 5 yrs it is adjustable with no cap.
Thoughts?
Most Popular Reply
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I do not think you want a commercial loan the rates are higher. but if you do, then I would make sure there is a cap to the rate.