Do you know if there are IO options and is there someone or some company locally where I begin my search?

Most I/O products I've come across flip after year 7 or year 10 (Depending on the product).If interest rates are pushed lower due to fears of some virus, it would more than likely push rates lower for any/all rate driven products, not just owner occupied purchases.

Many are IO for 10 years and then convert to an amortizing mortgage.

Rates around 3.25%.Hospitality lending has essentially grinded to a halt.Lobbying is ongoing with FHFA to widen lending capsFannie is generally 10-20 bps wider than FreddieRecent quote for a 10 year Freddie 75% LTV/1.25x, 5 years IO , 279 spread over a 75 treasury floor, 3.6% rate with 5bps for index lock.Life insurance company's still lending, rates with 3%-3.25% floors.

For ex. if lender is reducing payment to IO, you can pass some of that savings to your tenants.

Holding on to your cash and getting a short term i/o bridge loan from a private lender would also be worth looking into.

20% down with a local bank and a small construction loan for 115k @ 4.1% i/o, 12-month term.

20% down with a local bank and a small construction loan for 115k @ 4.1% i/o, 12-month term.

Then maybe an initial IO period is necessary.

Bridge loan, 3 yrs I/O, 80% LTC, 100% Cap Ex, Floating Rate Libor + 295 bps How did you add value to the deal?