Commercial Loans

[Matt Unruh]

I am thinking about making the leap from SF rentals (I currently have 4) and buying an apartment building. The SF market is just getting really tight. Before I get too far down this road though I'd like to understand what I can reasonably expect from a commercial loan as that will have a major impact on my ROI. I'm considering a 24-unit property right now with an asking price of $2.7M. I've seen various posts about 5, 10, 20, 25, and 30 year amortization of commercial loans. What is most realistic given the loan size, what sort of interest rate should I expect, and similairly what am I likely to have to pay in closing costs? This is a BIG leap for me so I appreciate any insight.