Hi,
I’m in the process of analyzing the costs for a 24-unit apartment complex in Oklahoma City.
I am looking at a purchase price of $500K with $100K cash downpayment (20%).
I have good credit score (807 FICO).
What are current commerial loan rates?
I’d like to get a longer term loan 20-30 years if possible, but am wondering with rates on the rise if banks will be hesitant about financing for more than 5-10 years.
Any information would be welcomed.
Thanks,
Kayaker 
If the property is not distressed a 30 Year mortgage is no problem. You would be looking at a 10 Year ARM. Expect a rate between 7.750 and 8.250
Several Large lender programs that have $500,000 minimums, have 10 year rates/ 30 year amortization starting in the 6.5% - 6.75% range.
Based on the strength of the deal and possibly what you can bring to the table (cross collateralize, etc.) they may make an exception to go as low as $400K but that is pushing it.
We would need more details to be able to give you a better answer.
I do have no doubt you can get a longer amortization than most banks will offer. At least 25 years and usually 30 year is available…
Best Regard,
Wes