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Updated almost 9 years ago on . Most recent reply

Michael Marston's profile image
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Michael Marston
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  • from Youngstown, Ohio
  • Member since Apr 9, 2016
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Michael Marston's profile image
Michael Marston's profile image
Michael Marston
  • Professional
  • from Youngstown, Ohio
  • Member since Apr 9, 2016
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Michael Marston
  • Professional
  • Youngstown, OH
7
Votes |
24
Posts
Mobile Home Park Investing

Small bank financing %

Michael Marston
  • Professional
  • Youngstown, OH
Posted

I was expecting to receive quotes around 9% but I received 2 quotes yesterday from small local banks - one at 5-5.5% and another at 4.5%. Both amortized over 20...balloon payment in year 15. Are these the norm?

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Jeffrey H.'s profile image
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Jeffrey H.
  • from Houston, Texas
  • Member since Aug 16, 2015
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Jeffrey H.'s profile image
Jeffrey H.'s profile image
Jeffrey H.
  • from Houston, Texas
  • Member since Aug 16, 2015
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Jeffrey H.
  • Houston, TX
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Jeffrey H.
  • Houston, TX
Replied

Those are attractive terms.  I am usually seeing 6% at 20 year amortization with 10 year balloon.

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