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Updated about 6 years ago,

User Stats

43
Posts
3
Votes
Chase Gu
  • Investor
  • Sterling, VA
3
Votes |
43
Posts

Question about commercial loan

Chase Gu
  • Investor
  • Sterling, VA
Posted

Hi, I have a small mixed-use property under contract and am talking with a bank for financing. I have some questions. Any help is much appreciated! 

1. What would be a good interest rate for a small commercial property loan (about $500K) for 6-year term and 25 amortization right now? 6%? 5.5%?

2. After the 6 year term, the new interest rate will be WJS prime +1. Is it reasonable? 

3. Bank requests PFS, Tax return and LLC financial statement Every Year. Is it normal for commercial loan? Sounds like a lot to me.

4. I will do an environmental assessment. Does the bank do environmental assessment too? I do not want to pay for two environmental assessments. 

Thanks!

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