Only qualified for 5/1 ARM Loan?

[Quinn Lamb]

I'm buying two multifamily duplexes that are situated on one parcel. Since they are on one parcel they do not qualify for any Fannie or Freddie conventional fixed loans (or so I've been told). Two banks are telling me that I will have to take out a portfolio loan and the options are 3/1 vs 5/1 ARM loans. Not being super familiar with either, and taking out over $450K in the loan, I'm anxious to learn my options as this is my first buy and hold investment.

Since this is an unconventional property, I'd love to hear stories about people with similar experiences.