LLC Financing Question - Personal Credit Maxed

[Jon G.]

My business partner and I purchased a 3 flat in Chicago for $325k about 3.5 years ago. We are currently getting $4300 in monthly rent - Soon to be $4600. We formed an LLC immediately after purchase. We have been reporting ALL rental income in taxes and should have good records to prove this.

At time of purchase, we FHA'd with only 3.5% down (4.5% IR) as we both lived there in one of the units. Currently we have something like 9% paid down so LTV is no where close to 25%. My understanding is that in order for this property to not count against us it needs to be 25%. Making a big payment to get to 25% would eat up a large chunk of cash we would like to use for the next down payment.

I also own a condo with my wife - and between the two buildings I don't think I have much excess credit to obtain another loan. My partner has some, but I think he would like to buy his own personal residence in the next couple years and would prefer the next place we buy not prohibit him from doing so.

Questions -

- What are my options for obtaining a loan on another multifamily (4 or less units) building?

- Who should I be talking to?

- Advice?

Thanks everyone in advance for your responses - Let me know if you need further details.