Need Advice on Financing a Residential 6 unit property (LOS ANGELES)

[Henry Bagh]

Hello, 

I'm looking to buy a residential 6 unit property (which would require a commercial loan). 

The purchase price is $1.8m, and I have $750k cash. 

What is the best way to go about this? Ive called around, and there is Fannie mae agency loans with competitive rates like 5.9%, with a 5/30 amort. The problem here is it takes 6-8 weeks to close, and in the LA competitive market, that is too long to be competitive with other bids. Another problem I have is the 3/2/1 prepayment penalty. 

My thought was I could purchase the property, break even, and refinance in a couple years when rates hopefully come down. 

I am okay with the 5/30 amort, because worst case scenario, if I don't see rates drop, I can just sell or refinance. 

A little background...I own a personal home with about $1.3m in equity, and I have about $750k cash. 

Can anyone give me any advice in which ROUTE to take to get a commercial loan? I'm looking to lock in a good rate, with possibly no prepayment penalties, and low origination fees. Am I in lala land or is this possible?

Thank you in advance!