I was approved for a commercial loan for ~160k with a pretty high interest rate, and ~10k origination fees.
It’s enough money for the properties in the area I’m looking at (TN), but the monthly ends up being close to 2k, which I am not willing to do long term.
With a 680 credit score, according to Experian, and 740 according to CK, how much of a hassle do you think it would be to get a mortgage to pay off the commercial loan?
And how good or bad an idea is it to follow through?
I own the house I live in, but as of yet, I haven’t picked up any investment properties.
submitted by /u/closeded
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I was approved for a commercial loan for ~160k with a pretty high interest rate, and ~10k origination fees. It’s enough money for the properties in the area I’m looking at (TN), but the monthly ends up being close to 2k, which I am not willing to do long term. With a 680 credit score, according to Experian, and 740 according to CK, how much of a hassle do you think it would be to get a mortgage to pay off the commercial loan? And how good or bad an idea is it to follow through? I own the house I live in, but as of yet, I haven’t picked up any investment properties. submitted by /u/closeded [link] [comments]
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