Posted by Don Dion on June 28, 2003 at 11:48:51:
This is a local bank deal only. It’s neither commercial or residential. Your best bet for something like this is the local banks in town but then dont tend to do the high ltv loans. You will more then likely end up with a 5 or 7 yr balloon amort of 20 or 25yrs based on the 10 tbill
Commercial Property - Posted by Mike
Posted by Mike on June 26, 2003 at 22:52:06:
I am looking at a 3-family home with 2 store fronts on the ground floor. I just purchased a two family home for myself 5 months ago.
I am wondering about how to get financing. I am new and trying to learn as much as I can. I have seen about 65 properties now…and this one seems to be a great deal, having a very good cash flow after expenses.
Do I have to put 20% down? Can I put less? Can I get a mortgage for less than 20% down?
How can I get the money for the down payment? I do not want to use my own cash, will a bank lend me the money as a personal loan? Is getting a loan from a credit card like DISCOVER worth doing?
Can I get a 30 year mortgage on a commercial property?
I need advice so I can maximize this opportunity.
Thank you for all your help.
Mike
Re: Commercial Property Mortgage - Posted by Frandyco
Posted by Frandyco on June 29, 2003 at 16:47:31:
Yes, you can get 30 year mortgage on commercial property. I know lending source will do 100% on 1-4 Unit, $500k and up. and another lending source will do 100% LTC, and LTV no more than 80% for almost all types of commercial properties, however $2M and up.