Real Estate Law
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Hi Scott: Commercial rates tend to be a little higher than residential and also for shorter terms, i.e. 15 years rather than 30. Nobody publishes rates, so you have to go shopping. You can search LA commercial mortgage rates, and get names of lenders to contact.
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Ok, so by a little more, if homes are currently at, what, 3.5%?, are apartment buildings, generally speaking, at 3.9% or higher like 1.5% more?
Are the rest of the terms similar, such as an option for interest only for a while?
I don't want the exceptions to the rules, but more the norm.
You might be looking at 5 - 5.25 depending on your financial condition and the project itself. Terms are always individually negotiated. It's all depends on the risk assessment which is a function of analyzing the LTV ratio and the borrower.