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commercial financing in nyc(6 family building) - LoanUniverse Community

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commercial financing in nyc(6 family building)


3 replies to this topic

#1 Guest_ed_*

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Posted 03 December 2004 - 01:02 AM

Hi I was told that it is very difficult to get a 30 year loan on a 6 unit building even though I would put 30% down, that the loan would have to be 15 years for the banks to consider it. Is this true ?

#2 loanuniverse

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Posted 03 December 2004 - 01:22 PM

Actually most lenders would like to place this type of property in a 5 to 10 year maturity. A couple of things to take into consideration is that while maturity is important, the amortization used in the loan is more important. You can have a loan that matures in ten years, but that is based on a twenty five year ammortization. The other thing is that the thirty year amortization/maturity is more of a residential product and that this property does not fit that mold.

How do you reconcile a shorter maturity with a longer amortization?

I am glad you asked smile.gif The answer is a "balloon payment" at maturity.

#3 Commercial Lender

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Posted 03 December 2004 - 03:36 PM

Nope! We finance such properties everyday at 15, 20 and 30 year amortizations.
Depending on if you go stated or full doc....the rate will vary. I would advise you to check out the property taxes and expenses before you def decide to go ahead with the property. Being in Nassau County I am familiar with the tri-state area....so do give me a buzz if you have any questions. thanks!

#4 loanuniverse

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Posted 03 December 2004 - 04:47 PM

I guess I should have said most bank-lenders... smile.gif





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