Current rates and amortization on a small loan around $250K?


#1

I am looking at a small park that with 20% down should need a loan in the $250K range.

I understand I need to look locally, but what is the range I can expect? 5.5% on a 25 year?

Thanks in advance!


#2

Presuming the numbers look good and you have a good credit history, then 5.5% is probably a good number. However, I’d expect something like a 20 or 25 year amortization, but only a 5 or 10 year term. Local banks generally don’t go more than 5 years, and rarely more than 10. On the bright side however, local banks often offer the simplest applications and lowest up front costs.


#3

I agree with Kurt. (As usual).