Triplex Investment Property Financing

[Eric Dame]

I have a triplex under contract and have received the following finance option from my local bank. I have a longtime relationship with them and my credit is excellent. I’m going to pay cash initially because the triplex closing will happen prior to the loan being ready for closing.

Price for triplex $ 220,000

Loan Amount - (70% Loan to Value)

Rate – 4.66%

Term – Amortize 15 year period with a 10 year term. Repayment will consist of monthly Principal and Interest payments based on a 15 year amortization, however, will mature in 10 years. At that time we can renew/restructure/payoff

I was hoping for 20% down and 15, or better, 30 year term

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