Looking to find 4-plex financing options

[Richard Davis]

I am looking at financing a 4-plex, multifamily property in central Florida and was wondering what would be my best option for obtaining a loan. It would be an investment property (I wouldn't be living there), managed by a property mgmt service, owned as an LLC and costs $300-350,000. It would be cash flowing (presumably) with a cap rate between 5 and 10, depending on using the 50% expense calculation or their numbers, respectively.

I have excellent credit (>800) and money for a downpayment is not a problem; however this would be my first investment property purchase. My current outstanding primary home mortgage is less that 30% of current annual income. I would preferably like a 30-yr fixed loan (if possible) with the lowest rate possible. Anyone know where I should start (big banks, credit unions and/or commercial loans) and what type of financing I should expect? Thanks for helping me get started on the road!

[Scott Smith]

@Richard Davis I'm an asset protection attorney. What I recommend is closing on the loan in your personal name, and then transferring the property to a land trust that is owned by the LLC. The transfer to the land trust avoids the due on sale clause and provides anonymity. Since the Land Trust is owned by the LLC the property is also protected.