I can't find a fixed rate mortgage for my 4-plex purchase!

[Adam Stroik]

Greetings All,

I have a 4 unit building under contract and have called a dozen or so banks all of which are only offering adjustable rate mortgages.  I will not be occupying the property.  I was under the impression anything under 4 units could still qualify for residential loans.  Anyone else have this issue or can recommend a bank in Wisconsin that does fixed rate for non owner occupied investment properties?  Thanks in advance.

cheers

Adam stroik 

[Matt Devincenzo]

Have you asked why they don't/won't offer conventional terms? You'll very quickly know what the issue is if you just ask them.

I had a SFR a few years ago that was quoted conventional and then ended up as a 'portfolio/commercial' loan but honoring the original conventional quote. The issue was the underlying zoning had changed to commercial over the years and the concern was that the property couldn't be rebuilt if destroyed....I only use that as an example to say that asking what the issue is the best way to get your answer.