Insight- Financing/qualify for 4plex Investment Property Seattle

[Natalie Wells]

Hi All!! Would love to get some insight/ feedback/ recommendation/ suggestions on our situation of a recent purchase of a fourplex in the greater Seattle area (also any lender recommendations). We have a fourplex purchased through private money loan (short-term 60days) and we need to refinance it into a regular loan. Our partner is having issues with qualifying for a loan (through any credit unions which is normally our path for financing) given current debt with other properties. So how difficult is it to qualify for a loan purchasing an investment property? (here is a little more insight on our financials).

My husband and I are both W2 employees (5 years+). Income is around $200k, possibly a little more, with a raising coming shortly. Credit is 750+. We own a primary residence in another state with a debt of $250k.  Our other debt includes student loans/ car loans about $100k. We have about $100k in stocks/ 401k. We have not purchased any investment property previously under us. This fourplex/ townhouse style consists of 3 units rented and one vacant and will need a full rehab, with very low current rents. Currently valued just under $1.1mil. The proforma rents will put it at an income a little over $8k/monthly after rehab and a value of around $1.6mil. Current loan debt is $860k and we are hoping re-finance it. 

Anyone who understands the financing with qualifying for investment property, I would welcome insight to us for qualifying for this, I don't know if we are completely shooting for the stars here and if it's even be possible with our income/debt. I would gladly take any recommendations of anyone to speak with for lenders!!

I will take any thoughts and suggestions!!

Thank you all!!

Best,

Natalie