Analysis help for commercial loan to acquire STR
For a property with a purchase price of $189,000.
Amortization: 25 years with a 7 year balloon. (What does this mean in laymen’s term)
Down payment (25%): $47,250
Loan amount (75%): $141,750
Rate: 5.03% on a 5-year ARM. Rate floats until time of formal loan approval
Pros / cons? Should I keep shopping?