CA-Loan rejected for investment property >10%Ownership in Complex

[Rian Ash]

Hi,

I am currently in contract to buy a condo/townhouse as an investment property in Alameda county in CA. The contract is for 390K, my credit score is above 760 and I want to put 20% down (25% if I really have to buy dont prefer it). With my previous lender we were about to close but realized that out of the 14 apartments in the complex, one person owns 5 because of that the loan was rejected.

Are there lenders out there which will finance a property in this case? I am looking for maximum lenders credit (close to 2% of the loan) and rates which are not very high compared to the conventional mortgage.

Thanks