@Ming LimI wouldn't bother with the 10-yr term mortgages, the interest rate delta usually negates any false peace of mind.In fact, I would endorse using 5-year term, variable rate mortgages and hedging the interest rate yourself.

The Delta Build team and Brad did in fact start in June to shave 1 to 2 months off the timeline which is a great testament to their professionalism and confidence of their product as not many builders would float that risk/cost.

An increase of 15+ degrees in delta is a pretty big jump.The very basic calculators I tested show you need about double the number of tons to fix this.

@Gary Landon  if there is a note on the property  then he is doing a wrap.. and you make the delta between the two...

So the delta is $110K.  

Many do this that are starting out and get in way over their heads.. thinking Hey I bring them current for 5k  ( which is basically all the money I have.. and I am going to make the delta... the delta gets spent on consumer goods no reserves are ever established.. tenant goes bad.. it becomes a bad deal all around.So careful with it. 

I will caution you in that many of the Cap rate that you see published reflect investment grade properties (ie institutional buyers) so that for smaller properties the "delta" is very wide.My suggestion to you is that you develop your own cap rate requirement (equity vs debt - see band of investment analysis) and then apply that to each prospective investment.

I am considering going with Delta Community Credit Union.  

as stated above if your seller.. and you have an existing mortgage you can1. sell sub too and collect your equity.2. do a wrap and in essence wrap the first or simply do a second.buyer takes title sub too you get the delta.

The number you have is the top-end of what you could pay for the property and still have a profitable rental in the end.If this second number is greater than what you arrived at as the value of the current business, then the delta is your negotiating space.