Expectations with mortgage rates & packages

[Alex Z.]

I have a couple of partners and we are looking to buy some smaller Multifamily units (<20 units). 

We have a mortgage broker we enjoy communicating with (haven't used him yet), but I am curious if his rates are coming in high?

We are currently being quoted 7.5%-8%.

Maybe it's our criteria that are causing the high rate quotes? Would love to hear what others are getting in this market.

Our criteria

1. Consider the cash flow of the property

2. Don't require every partner to go through full underwriting (speed and scale). Asking to underwriter the principal buyer.

3. Typically looking at 30-year fixed and some I/O type loans