Financing Options for 16 Unit for 1 million dollars?

[Daniel Dietz]

Hello All, 

So far my partners and I have SFHs and 4 Unit or multifamily units. A nice 16 Unit (there are not many in my area) just came on the market at what seems to be a good price. So far we have used a Commercial Portfolio Lender of those, but the longest they want to amortize is 25 years with a 10 year fix. 

What I am wondering is if there are 30 year or longer loans that are income based when you get to this size and price of unit? If I was reading the HUD site right it sounds like they are only for loans of 1M or more?

Any advice would be appreciated. I am in Wisconsin, and the property is less than 15 years old. 

Thanks Dan Dietz