Great terms - 5-year fixed, 1st year i/o, 3.625%, 25-year am, no prepay.

@Albert Bui @Carlos Valencia Agree with this - don't be fooled by the simple IO number - other factors such as (interest only vs. amortization schedule, amort schedule length, closing points or buydowns, prepayment, and more can have a huge effect!)

We used a bridge loan to fund it and will have to refinance in the next year and we are also looking ahead to our next crash pad as soon as we get into the swing of this one.

I/Os don't amortize since you ate not paying down the principal.

Some things to consider:* usually used for single family or 2-8 multi family unit properties (fits your scenario)* must be for investment, non owner occupied (if looking for a product for alternative qualifying solutions for owner occupied there are other products)* can close in a personal name or LLC* usually 80% LTV for a purchase (20% down payment) & usually 75-80% LTV for cash out refis* prepayment penalties vary and are optional, but the higher the prepayment penalty, the lower the rate / options typical range from no prepay all the way up to 5 year prepay and structures vary for how those penalties work (3 year is my most popular by far)* appraisal most likely required and paid out of pocket during transaction* can be used for long term, mid term, or short term rental properties * generally 1%+ is the desired DSCR ratio but you get better rates if the ratio is higher (usually rate breaks kick in at 1.15%+ or 1.25%+) and you can still get the loan done if ratio is lower than 1% but the rate will reflect that (DM me if you wand help learning how to calculate the ratio)* the average time to close is 21-30 days* fees vary lender to lender and product to product, but $1595 underwriting plus title fees is pretty standard* 700+ credit is preferred to get max LTV, but plenty of options if credit falls below that* a typical loan minimum is $75k (have limited options for $50k+) and typical loan maximum is $3-4m (have limited options for $4m+)* 3 months reserves usually required, having 6+ months will usually result in better loan terms, 0 reserves can still get the job done if you go with a program that allows you to use the cash flow as reserves* 30 year fixed, IO, and ARMS available

If anyone is interested in downloading this mortgage calculator app for free, you can follow this link from your smartphone (only works on iOS and Android) --> Mortgage Calculator AppIf you like the calculator, make sure to post and let others know.

I like short term I/O when I want to keep monthly cost down until I can refinance at a better lending rate.

First Republic - CaliforniaFremont Bank, CaliforniaFulton BankGFA Federal Credit Union 10 yr draw, 10 yr repay, MAGranite State CU, NH 90-100%Great Lakes Credit Union GTE Financial, FL w 2 yrs tax history on propertyHanscom FCU, FloridaHSBC 70%, for premier clients only Horizon, Kalamazoo MichiganHuntington 75% LTV 5 yr IO product available.

First Republic - CaliforniaFremont Bank, CaliforniaFulton BankGFA Federal Credit Union 10 yr draw, 10 yr repay, MAGranite State CU, NH 90-100%Great Lakes Credit Union GTE Financial, FL w 2 yrs tax history on propertyHanscom FCU, FloridaHSBC 70%, for premier clients only Horizon, Kalamazoo MichiganHuntington 75% LTV 5 yr IO product available.

FL, NY, MD, CA, VA, NJ, Horizon Bank, Kalamazoo MIHuntington MI 75% LTV 5 yr IO product available.