Help with budget numbers, first commercial property

[Jeff Borrelli]

Hey All, I'm looking for some ballpark number help. I am running numbers on my first commercial property. I own 7 rental units comprised of 4 rental properties but they are all residential. The commercial property I am looking at has a restaurant on the first floor and 4 apartments on the second floor. Purchase price of $1.5M.

1. How much will I need to put down? (30%?)
2. What sort of rate and terms are coming along with Commercial loans these days?
3. What % should I use for closing costs? or ballpark number.

Please let me know if you need any other information to help with this. TIA

[Ash Patel]

Most banks hate mixed use buildings.  Find a local lender.

30% - 4.25% 25 year am, less than 10k closing costs.