Can you obtain fixed rate loans for multifamily apartment complex purchases over 4 units?
March 20, 2013 in mortgage by jedwan
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.
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.
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.