Credit union or local bank financing for apartment building

[Bilal A.]

Hello All,

Looking for recommendations on local banks or credit unions for commercial apartment purchase financing. Any products out there with 85% LTV, 10 year balloon and 30 year amoritization? Thanks in advance.

Bilal

[Tim Swierczek]

@Bilal A. I"m a lender that works in this space and I have not heard of a lender with an LTV of 85%. Banks are regulated and I don't think their regulator would allow that. FHA does have a 15% down program but it takes 6 months to get the loan and so its only used for refinances. You're more likely to find most banks at 75% and a few select banks at 80%. All of the 80% LTV banks I'm aware of amortizing the loan over 25 years, most balloon in 5 years. I do have a bank that will balloon in 10 and amortize over 30 years but they require 75% LTV.