New Construction 4-Plex - Financing and other Advice

[Shawn Varner]

Hey BP, I've recently sold off my Vacation Rental properties and I'm looking to get into small Multifamily Rentals. Everything in my area is priced too high to have any sort of positive cash flow. So, I've been looking into building one. I'm looking for advice from anyone who has done any new builds themselves. So far, I've Identified a few properly zoned lots, found a Builder that I'm currently testing out on a smaller project and ran a fairly in-depth Pro Forma.

The numbers are looking great and I'm ready to move forward with the deal. I have the Cash to purchase the land, but I will need to secure financing for the build. Once the build is complete I should have around 36% equity and would like to finance out all of my cash. The snag that I'm running into is finding a Bank to Finance this type of Investment. I've been to most of the local banks in my area and I keep hearing no. Does anyone have any advice on lending options for this? Any advice would be greatly appreciated.