30 yr Fixed loans on apartment buildings ?

[Clay Kelton]

Does anyone have experience or had success with getting a 30 yr fixed rate mortgage on multi family in the 750k-3m range ? Fha, Fannie or Freddie ? How difficult is this to pull off ?

It appears most people use commercial 5 yr fixed rate loans but what has been your experience finding longer term fixed loans ?

[Mark Creason]

@Clay Kelton

@Charley C.

Fannie and Freddie have a program called small balance lending. Will consider loans between 1-7 million. Will also consider going up to 80% LTV. This program is non-recourse. They may offer an exception below 1 million but very hard to get. These loans are typically up to 10 year term and 30 year amortization.

FHA has a program going up to 40 year terms but very hard to get as FHA looks for FHA loan experience. They take a long time to close. Have heard horror stories of taking 9 to 12 months. Hard to get a seller to agree to that.

Let me know if I can help you.

Mark