Multi Family Appraisal Question

[Hadar Orkibi]

Hi There BPers.

I'm looking on a deal that has 8 units divided between 2 Fourplexes. 

Assuming that the 2 Quadplex are on 2 separate titles, I have two options to finance the deal. 

1. Is to have the 8 units considered as one purchase and apply the cap rate valuation approach. This will add more equity to the deal but the loan terms are going to be less favorable.

2. Have EACH Quadplex purchased and appraised separately, appraised with GRM or Comps/ Unit price. But better loan terms fixed for 30 years.

My question is,  if taking option 2. Did anyone came across a situation when a Residential Multi Family 2-4 units, was appraised with the Cap rate approached and had this accepted as conforming, Fannie Mae loan

by lender? 

Cheers H.