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Finding a construction loan for commercial property
Posted on 6/11/19 at 11:53 am
Posted on 6/11/19 at 11:53 am
Any advice? Looking to build 2-3 units on a piece of property. We have the 20% to put down so that isn't an issue. Do we reach out to local banks? And what is the going interest rate for something like this?
4
Posted on 6/11/19 at 12:09 pm to TheOcean
Yes reach out to local banks with a good reputation. The bank I work with charges me the WSJ prime rate, which is currently 5.5
Posted on 6/11/19 at 12:19 pm to TheOcean
If you are in SE LA, call Resource Bank. They are great with things like this.
Posted on 6/11/19 at 12:48 pm to TheOcean
Can you cover the note if you don’t have rental income? Going to be one of the first questions they ask
Posted on 6/11/19 at 1:23 pm to nugget
5.5 would be great. 
Posted on 6/11/19 at 1:23 pm to Thib-a-doe Tiger
Yeah there's three of us with all great incomes. No issue there.
Posted on 6/11/19 at 2:07 pm to TheOcean
Will the property be owner occupied after?
Posted on 6/11/19 at 3:34 pm to thibtigerfan
Will anyone of us live on the property? Nope. Planning on three rental units. Already have a quote from a reputable contractor
Posted on 6/22/19 at 11:29 pm to TheOcean
Resource bank, y’all to Chris Lee in Baton Rouge office if in the BR area. Very helpful on these types of deals
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