Can you obtain fixed rate loans for multifamily apartment complex purchases over 4 units?

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I heard that once you go over 4 units, the loan is considered a commercial loan and banks require adjustable rate mortgages and possibly more money down. Any input appreciated.

I have found a good business opportunity in a 6 unit apartment building however I am short on capital. Are there any inventive ways to receive funding for such a venture? How did you find the money to buy an apartment building?

5 Comments
  1. Reply
    unisberkensap
    February 3, 2011 at 2:50 am

    Typically 5 units + requires 10-15% down. If you occupy one of the units, you can still find 97% LTV.

    Arms are more popular in commercial loans because of the cost, but you can find fixed rates with 30 or 40 yr amortization.

  2. Reply
    skiingstowe
    February 3, 2011 at 3:11 am

    Hi,
    Yes you can. It’s true that four or more units are considered commercial, but fixed rate loans are available through most lenders. I have three commercial loans through Bank of America that are fixed rates. You may want to try them. They’ve treated me very well over the years.

  3. Reply
    raj k
    February 3, 2011 at 3:48 am

    Hi friend getting Mortgage loan is very easy now a days.. Approach any bank or private money lenders.In mean while just take a look at the link below to get free loan quote,

  4. Reply
    dennis h
    February 3, 2011 at 4:41 am

    all you have to do is take out all major capital cities in your
    state,and there you have it?

  5. Reply
    Rony
    February 3, 2011 at 5:05 am

    If you have a good idea, convincing the salesman or with a good cosigner. I found interesting information about your answer & the best options here.
    http://all-mortgage-calculators.blogspot.com/2007/07/mortgage-loans.html
    Good luck!

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