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Updated 15 days ago, 12/07/2024
5 Unit Rental Funding Issue
I am attempting to purchase a triplex and a duplex on a single 2.5 acre parcel. The purchase price is about 475k. I have the 25% to put down but I cannot find a lender. It seems that having 5 units sends all the lenders into a frenzy as they prefer to loan on 4. Are there any lenders that anyone is aware of that would feel comfortable lending about 325k for a 5 unit property? I've tried conventional and DSCR (I have no landlord experience yet, so that disqualified me from 1 lender). Any help will be appreciated.
PS - If the terms are terrible because I'm a new landlord, I wont be interested. I would prefer to invest in other properties.