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Updated about 6 years ago,
looking for a lender
I found a nice buy on 5 duplexes (paying 500K, value 638K) in good shape with long term renters. I plan to 1031X two of my current properties (value 230K). I figure putting 200K plus down and finance 300K. Yearly rent is 72K and paying 28K payment (include taxes and ins.) plus 7200 in management fees. The deal look good on paper but I'm having problems finding a lender. The banks are steering me to do commercial (higher interest). I would like to go conventional but cannot find a lender.
I could use any advise on a lender who does duplexes. I have excellent credit and will put 40% down.
thanks in advance for any advice.