Question : What should I expect for interest rate on a multi-unit building?
Does anyone know what interest rate is typical right now for a loan on a multi-unit (12 units) building? Also what down payment percentage is typically required for this type of building and how that affects interest rate. That is if you have 20% down will that change the interest rate compared to having 10% down.
- asked by jds792
All Answers:
Answer #1
You can't buy it with 10% down. You want20-25%.The interest rate depends on your credit. From 6.8% up
- answered by Landlord
Answer #2
your talking commercail loans and itsbest to comein with 25-30% to get the best rate! you may getfinancing with less down but you will pay higherfees and a higher rate you are probably looking at6.5% you couldalso buy the rate down. yourcredit score would also effectt he rate youreceived!look for sources that can give youmultiple options here is one to look at! theyhave very low fees on most loans over 1 million ithink is 1/2%
- answered by pearlmel
Answer #3
Most lenders will not accept a first mortgage on acommercial property for less than 20% down. Ifyou do not have 20% you can see if the seller canassist or if your realtor can help you out bytaking his/her commission in the form of a note. Expect to pay 7%+ on your first mortgage and 10+%on your second.
- answered by brian
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