Commercial Loan for 18-Unit in Rossville, GA

[Gary Michalske]

Hi B-Per's,

I'm under contract to purchase a 18-unit apartment complex in Rossville, GA.  I live in Murfreesboro, TN and have a local lender, CB&S Bank, ready to process a $700K loan at either 5.4%, 20-yr AM, 5-yr term...or...5.8%, 25-yr AM, 5 yr. term.  I'm thinking of shopping around for another lender but wanted opinions on the financing being offered.  Does it seem competitive in today's market?  They have already scheduled the appraisal which will be complete this week.  If I decide to pursue other financing, I won't begin until I see where the appraisal comes in.  What are your thoughts?