Have u ever taken bank "personal loan" to help fund down payment?

[Steve S.]

I have a relatively small rental portfolio by properties, but have come across an amazing multi-family. 

I'm typically very conservative in my investments, but to make the 20 or 25% downpayment, I don't want to sell stocks or borrow from my 401k.

1) have you ever taken a "personal loan" from a bank to help fund a downpayment?  Typically the interest rates are around 7% for a 36 month term.  

2) if you've done this, have you taken out multiple?  Banks offer maximum amounts sometimes in the $35,000 range or $50,000 range depending on the bank, maybe more.  Could I, for example, take $35,000 from one bank and take out another loan of $50,000 from another bank to make up $85,000 of the 25%  downpayment?

My credit score is will over 820 and i have a 7 figure portfolio and could pay the $85,000 back in probably 10 months pretty easily without having to sell stocks or refinance properties to quickly get into this multi family investment.

Thoughts?

[Michael Henry]

@Steve S. Yes that would work but is will affect your credit score and of course pay with debt to income. A better way is to do a  blanket loan; assuming you have equity in your other properties. 

On Mondy, call you bank you deal with and ask them if they would give a loan to 75% for the new property and take a second mortgage for the down payment as a blanket loan on your other properties? 

This is very common in the banking industry.