Hi - I have been getting quotes on smaller loans - 300-500K and I get quotes around 5.5% on 20 years with a 3 year balloon.
What are typical terms on loans around $1M or a little higher?
It completely depends on the location, park quality, and who the borrower is.
There’s also a degree of randomness when working with small banks.
What you described sounds like what I would expect for the product you are describing. Term seems short. I would def get at least 5 year minimum, 7 year your golden, and if you can get longer than pop the champagne cork…
We are due to close on a $1M+ park in a few weeks. Our small local bank is doing 5.95% (prime + 1.2) for 5 years, 25 year am. Your 5.5% sounds good to me. If you could extend the term and amortization a little I’d say you’re doing well.