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Old 01-22-2008, 07:21 PM
 
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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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Old 01-22-2008, 07:22 PM
 
Location: Charlotte, North Carolina
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commercial property....what's the LTV? score? State? loan amount? etc

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Originally Posted by stevep View Post
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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Old 01-22-2008, 07:46 PM
 
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They're small apt buildings, approx 40-50% ltv, greater than 750cs, MD, $420k loan amt
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Old 01-22-2008, 07:49 PM
 
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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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Old 01-23-2008, 12:46 PM
 
Location: Beautiful East TN!!
7,279 posts, read 20,458,706 times
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Quote:
Originally Posted by stevep View Post
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.
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.
Sent you an email.
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