Sourcing Bank Financing for a Mixed-Use Property in the SF Bay Area

Beau, I am selling a rental property and have identified a mixed-use property to purchase. The property has 16 residential units and 4 commercial spaces. All but 1 unit are leased. Acquisition price is $3,135,000 and I have about 850k coming from my 1031 exchange. I have received one quote from a local bank and they offered 6.75% on a 5 year fixed amortized over 20 years. I want to try and find a lender for a 30-year amortization. How would you go about sourcing the best options here?

Thanks,
Shannon

Timestamps
[00:48] 1031 exchanging into a mixed-use property
[01:00] Get the longest amortization possible
[01:12] What does a commercial mortgage advisor do?
[01:18] Explore all the options and get the best deal possible
[01:48] Finding a 30-year term amortization type of loan
[01:54] A longer fixed rate option without a prepayment penalty
[02:16] Book a call at https://investorfinancingpodcast.com/rumble
[02:20] Go to investorfinancingpodcast.com/ask to ask other questions

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#Bankfinancing #mixeduse #sfbayarea #rentalproperty

_________________________________________________________________________________________________ About Beau: Beau Eckstein is a real estate entrepreneur, TV personality, and commercial mortgage advisor, specializing in construction financing and multi-family lending.
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