Fourth conventional loan or commercial loan?

[Don Jackson]

I have three rentals in Charlotte with conventional financing with a good interest rate. I just paid cash for a rental in Milwaukee and placed a renter. The next step is to refinance this new property. I was introduced to a commercial lender who can give me the following financing:

80% of what I paid for the property. I paid $68k all in

4.99% locked in for 5 years, amortized over 25 years

Fees of less than $500

Loaned to an LLC that I will need to set up

My question:

Since I only have 3 conventional loans right now, should I try to get my fourth (and final?) conventional loan on the Milwaukee property? Will I be able to get a better interest rate or longer lock than the loan described above? My goal is to hold these properties for more than 5 years. Maybe closer to 10 or 15 years.

I'm assuming that my 5th loan will have to be a commercial loan or something other than a conventional bank loan because of the 4 loan limit. Is that correct?

[Darren Budahn]

@Don Jackson

I'd reach out to @Jerry Padilla as he lends nationwide and can get you up to ten conventional mortgages.