Financing options for 5-unit multifamily?

[Bobby Lee]

Hi everyone,

I'm looking at my first 5-unit multifamily. It puts me in commercial multifamily loan territory, which I'm not familiar with. I've looked a bit into getting a 30 year fixed rate mortgage but it looks like the lowest loan amount is $1M. I'm just under at $900k mortgage needed on 25% down.

I like the stability of fixed rate mortgages, but it looks like a 10 or 15 year adjustable is my only option. Anyone have any input or suggestions? The property is in Illinois.

Thanks.