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01-22-2008, 06:21 PM
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Senior Member
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Join Date: Apr 2007
201 posts, read 158,056 times
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Investment Properties - Mortgage
I'm not expecting to get many answers to this question, but has anyone dealt with any lenders that refinance 5+ unit rental properties and have been given decent rates? Thanks.
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01-22-2008, 06:22 PM
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Sr. Mortgage Consultant
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Join Date: Jul 2007
Location: Charlotte, North Carolina
5,058 posts, read 2,726,394 times
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commercial property....what's the LTV? score? State? loan amount? etc
Quote:
Originally Posted by stevep
I'm not expecting to get many answers to this question, but has anyone dealt with any lenders that refinance 5+ unit rental properties and have been given decent rates? Thanks.
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01-22-2008, 06:46 PM
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Senior Member
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Join Date: Apr 2007
201 posts, read 158,056 times
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They're small apt buildings, approx 40-50% ltv, greater than 750cs, MD, $420k loan amt
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01-22-2008, 06:49 PM
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Moderator
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Join Date: Feb 2007
3,455 posts, read 2,525,665 times
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There are lenders that regularly advertise in your local Apartment Owner's Association Magazines that specialize in 5 or more unit loans...
As you know, 5 or more units are subject to different underwriting standards.
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01-23-2008, 11:46 AM
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Moderator
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Join Date: May 2006
Location: Beautiful East TN!!
6,183 posts, read 3,947,619 times
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Quote:
Originally Posted by stevep
I'm not expecting to get many answers to this question, but has anyone dealt with any lenders that refinance 5+ unit rental properties and have been given decent rates? Thanks.
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Yep. But remember "decent rates" mean two different things when talking about residential and commercial. With Commercial it is not as much about the rate as the terms. There are a lot of things like "lock outs" "pre pays" and amount of years fixed. Sure, you could get 6.5% interest on a commercial but you will have a 5 year lock out and a 5%, 8 year pre pay on only a 2 year fixed rate. So again, be careful, commercial deals is not where you want to look to hard at rate and more at cash flow and terms.
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