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.|||You can't buy it with 10% down. You want 20-25%.
The interest rate depends on your credit. From 6.8% up|||your talking commercail loans and itsbest to come in with 25-30% to get the best rate! you may get financing with less down but you will pay higher fees and a higher rate you are probably looking at 6.5% you couldalso buy the rate down. your credit score would also effectt he rate you received!
look for sources that can give you multiple options here is one to look at! they have very low fees on most loans over 1 million i think is 1/2%|||Most lenders will not accept a first mortgage on a commercial property for less than 20% down. If you do not have 20% you can see if the seller can assist or if your realtor can help you out by taking his/her commission in the form of a note. Expect to pay 7%+ on your first mortgage and 10+% on your second.
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