30 year ARM, 5 year note 10% down

[Michael Braatz]

Hey all,

Pre first deal guy here. My partners and I have begun setting our plan in motion over the past couple days. We talked to a lender in the Greater Milwaukee Area, Waukesha State Bank and they were offering the following for LLC based real estate investing:

10% down, no PMI, 5.125%, 90k min loan amount, 5 year note, fee for refinancing with another Bank, early repayment fee(when using lent money).

Our group will most likely be pre-approved for about 80-90k purchase price with a more traditional 25% down 30 year fixed around 4.5.

Would this be something worth considering if we find a deal in the 100k+ range we want to move on?  Any advice or experience would be appreciated!

Thanks,

Mike