Typical Range of Closing Costs & Loan Costs for Multi-Family?

[John Acklen]

Hi All - 

Thanks in advance for any help you guys & gals are able to provide.  I'm starting in Multi-Family investing and building my proforma out to analyze some properties in the Midwest (Cincinnati, Dayton, Columbus, Indianapolis, Louisville, etc.)

I've got sections for Closing Costs (title costs, 3rd party reports, buyer legal fees, contingency) and Loan costs (lender legal fees, loan fees) in my proforma, but I'm not sure what range to expect.  

Is there a typical % range that you can assume for each? Obviously it's going to depend on each individual lender, and I plan on reaching out and starting relationships with several in the near future, but I'd like to have a baseline range that I can start using to analyze properties now.  Sales prices of what I'm looking at are ranging from 1mil-5mil. 

Would typically be doing 75% LTV, and I'm planning on either a 2yr I/O loan then refinancing into a fixed rate, or just going with the fixed rate right off the bat. I'm assuming a 25-30yr amortization period with a 10yr term.

Thanks again!

[Mike D'Arrigo]

@John Acklen closing costs are going to vary by state and county and by the value of the property. You can call a title company in each of the counties you are considering and they can give you a good idea of what is typical.