All Forum Posts by: Matt Unruh

@Matt Unruh I just did a 10 unit through a small local business bank. I got to know the vp of lending and he gave me 80% LTV at 4.25%. 10 year note, reset after 5 on a 25 year am.

BTW, they gave me a signature loan 30 days prior that I used for my down payment!!

I recommend you go in with a history of your experience, an overview of your current and recent properties, and a current financial statement. My package addressed most all their questions upfront and really expedited the relationship. Also, if you can get someone in the business to give you an introduction it can go a long way! (Perhaps your realtor, known investor, etc).

Thanks, that seems like great advice!

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Thanks, that's what I was hoping to hear. Property is older (1940s) but in a great location with plenty of amenities nearby. I don't have all the rental details yet but I think the cap rate will land somewhere between 6.5 and 7%.

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I am thinking about making the leap from SF rentals (I currently have 4) and buying an apartment building. The SF market is just getting really tight. Before I get too far down this road though I'd like to understand what I can reasonably expect from a commercial loan as that will have a major impact on my ROI. I'm considering a 24-unit property right now with an asking price of $2.7M. I've seen various posts about 5, 10, 20, 25, and 30 year amortization of commercial loans. What is most realistic given the loan size, what sort of interest rate should I expect, and similairly what am I likely to have to pay in closing costs? This is a BIG leap for me so I appreciate any insight.

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All Forum Posts by: Matt Unruh

Matt Unruh has started 1 posts and replied 3 times.

Post: Commercial Loans

Post: Commercial Loans

Post: Commercial Loans