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Updated over 6 years ago,
To residential loans or one commercial loan?
Hi,
I have a six unit property that is deeded as two side-by-side residential three family house. I can get 2 residential loans or one commercial loan. Interest rate is about the same except the Commercial interest rate gets reset every five years. The terms are 20yrs versus 30yrs for residential.
My question is does it make sense to do one commercial loan instead of having 2 residential loans?