Commercial loan program 30% down

[Sammie Xiao]

I am going to get my first commercial mutifamily (6 unit )apartment building in north Hollywood. Listing price 1.7 million.

Most of lenders only do 65% loan, the best offer from a lender is 70% which means I still have to put 500k as down payment, interest rate is 3.85% 30 year amortized loan. 5 years plus 5. ( second 5 years interest rate will be prime plus 0.5%). Early payment penalties are 3-2-1. But if I sell the building it can be waved.

Is this a good program to get in? I am a bit nervous. Any feedback will be greatly appreciated.

[Kayvon E.]

Sounds good. I’m headed to work, but I can drive by this afternoon if you’d like and give you my input. My office is in NoHo, so I have a firm grasp on what’s going on.