BRRRR - Conventional loan vs. Commercial for multiple duplex(es)

[Lynne MacFarlane]

Hi BP Folks,

I am in the process of purchasing our first investment property (thankful for this community/podcast!). We will borrow 70K for duplex + 20K renovations. I have been pre-qualified for both conventional and commercial loan. 

Commercial loan, I'm looking at Finance of Am: 1m max., with min loan amt of 50K at 12% for a renovation (Fix/Flip) package...then following the BRRR (not sure how long their seasoning period is...but I'll ask) we can do a refi at their 6.1 conventional rate.

Conventional loan: McGloan, 30 yr fixed rate, 4.8% (not bad)

Im concerned with interest rates going up that perhaps we should lock in that low 4.8% rate (conventional loan), and pay out of pocket for the renovations ourselves? OR is it better to take the Finance of Am commercial loan, so we can buy not only this small duplex, but other properties? (Do commercial loans allow you to use that same loan, or do we have to resubmit another application each time?) I heard on one of the podcasts that there's some sort of line of credit...not sure if this is for all commercial banks, and if so, maybe then it would probably be best for investors to go with the commercial loan? 

Thank you for your input!