Banker made a mistake, not liking the results

[Dustin Beam]

So I discussed getting a loan on a commercial property (8 units) and he gave me a "soft" approval with values as 30yr fixed and around 4% interest. I spoke w/ him again today and he said it would not be that. I guess there was a disconnect on the type of property. Either way, I don't believe he intentionally made a mistake or anything.

He said I now would most likely have to get a loan w/ a higher interest rate and 5 year ARM. I'm not real familiar w/ that but he told me I would have to refinance every five years. Hmmm, definitely not liking the idea of that.

So, I'm here because I want to know is it realistic to get a traditional loan on commercial property? I was planning on a basic 30 year w/ 25% down. If so, please let me know of any banks that do this. I'm in the negotiating phase right now, so I hate having this wrench thrown in the spokes so to speak.

[Wayne Brooks]

Nope, that's generally only available for up to 4 units.