Blackstone's B2R Financing

[Aaron Mazzrillo]

Anyone do a loan with them yet? I just filled out their preliminary application and received a follow up call within 10 minutes. She said they don't check your personal tax returns, but do check your credit score. 

She said their interest rates are 6-7.5%, amortized over 30 years, but due in 5 or 10 years. 

I asked her what the APR is and she didn't seem to understand the question so she told me to hold on. She got back on the phone about a minute later and said it was 6-7.5%. I then asked if there were any fees to do the loan and she said $1,000 per property.

They will do up to 75% ARV and I would need to refinanced a minimum $400K which isn't too hard to get to here in California.

I don't like the 5 year balloon. That is a short term fix and could create a sell off situation if interest rates are higher in 5 years and financing is still hard to obtain.