Commercial loan rates

[Syed Ahmed]

Hello everyone,

I'm in my first purchase journey. At this stage I'm looking at financing. So far, looking at conventional loans, commercial since the property is in my LLC. Current rates that two banks have given me is 5.7 and 5.8 percent, 30 years. No points and mortgage insurance. 15% down. Are these typical of what everyone else is seeing? Loan is at 47K.

[Alexander Felice]

HIGHLY dependent on loan terms. Commercial loans have a much higher degree of variance than residential mortgages

I've never seen a commercial loan with mortgage insurance though. Terms seem fine especially for that low dollar amount. I don't know many lenders that will do a 47k loan at all.