My husband and I have 700 credit scores but our local banks won’t go but 20 years on inv. properties in my town in NC???
How do you guys get them fort 30 years?
My bank asks what I would like, 25-40 year loans are quite common.
What about you others?
ruready,
I DON’T get 30 year loans (although I do have a couple of sub-2’s that have 30 year terms). Most of my loans are commercial loans and are 20 year terms with 5 year arms and a 5 point cap.
I figure all the loans in my posts with 30 year terms because the majority of newbies use residential loans (30 year) and it allows us to compare deals using an apples to apples approach. If we compared deals with 15 year loans, 20 year loans, 25 year loans, and 30 year loans, it would be more difficult to compare the deals, so I always use 30 years for comparison purposes.
Mike
20 year if I finance afte rehab. For rehabs that I intend to sell, I draw from a commercial line of credit.
How do you apply for a commercial line of credit?
Go to bank and apply through their commercial lending department. You must have strong financials to get anything of substance in terms of a limit.