Financing MF Property

[Giovanni Di Puglia]

Good morning BP members.  As a begin to feel more comfortable with the prospect of becoming an investor, it seems that there are plenty of hurdles to overcome.  I contacted two banks that I use for personal reasons; USAA and Bank of America.  USAA who currently hold my mortgage informed me that they do not do real estate investing.  When I contacted BOA, after running my credit and discussing numbers, informed me that they could not finance a home that would not pass inspection.  I explained the whole concept of the rehab, but in the end, got nowhere. I am a bit hesitant to contact more financial institutions since 1. I don't want 20 credit inquiries 2. I want to know that they work around the concept of not move in ready until after rehab.

I believe to have the right qualifications: can do 20% down, Debt to income ratio at 47%, savings, established job, 750 credit.  Yet in the end could not get the financing.

My question is: Do all banks see rehabs the same way?  Can anyone recommend a financial institution that lends to investors who need to secure the property in order to do the rehab?

Thanks.