Newbie Needing Help on Quadplex Financing in OKC

[Jason Garder]

This is my first post here on BP, although I've been reading on here for the last couple months or so.

I am in the process of trying to find financing for a Quadplex deal in Oklahoma City and I am having some issues finding a loan that seems like it could work based on the numbers. Can anyone shed some knowledge or advice on different places I should be looking? I was hoping to get an FHA loan and the numbers looked great but we weren't able to get it in place. I need financing for $360,000.

This property cashflows immediately and rents for $800 a unit for $3200 a month total. The FHA loan that I had hoped for would have been about $1750 a month plus another $500ish in insurance and taxes. Can anyone tell me if they think that type of loan should work and I should look at another mortgage company or if it makes sense on why it didn't?

The commercial loan that I am looking at now is for a 5 year Fixed/ 20 year AM at 5%. Payment would be $2375 a month plus the insurance and taxes. Does this make sense to do?

This is my first real estate investment deal I have worked on so am still new but eagerly trying to get started. Thanks!