Who provides commercial loans to individuals under $200k?

[Patrick Menefee]

I'm trying to put together a deal for three duplexes on a single parcel, requiring a commercial mortgage rather than residential. The purchase price will be around $165k, and most lenders I've seen don't offer commercial products below $200k. Additionally, I'm investing as an individual and while I'm not opposed to setting up an LLC, most I've found require 2 years of business history.

I know there are options out there, I'm just struggling to find them. I'm not concerned with interest rates but am concerned with prepay penalties, as i plan to divide the parcel and refinance into residential. The only loan I've found so far required 70%% LTV and had a 5% prepay penalty.

Are there other options out there from larger institutions? Or any you recommend in North Carolina around the Charlotte area? I’m working my way through them but any help would be greatly appreciated! Thanks!