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Updated almost 9 years ago,
Can one get Interest Only Mortgages on Office Buildings?
I am kind of retired and looking for income at this stage of my life. Not equity building.
So I am thinking of purchasing office buildings with long leases on a NNN basis in other states like FL. Price between says 750k and 1.5M.
My questions are as follows:
- Are there banks and other lenders that offer "Interest Only" mortgages/loans on the above properties in such states? If you are aware of any such lenders, please let me know.
- Does one have to pay higher interest rates and fees/charges because the mortgage is "Interest Only"? Is it the same as P&I loan?
- Can one get a fixed rate for such loans?
- Is the down payment higher?
- Being a CA resident, does this preclude me from getting such loans on properties in other states like FL?