Need funding options for current deal

[Philip Joseph]

BP,

I'm currently working a deal, 4 rental properties for $280K.  All properties currently rented.  Looking for lenders / options for funding.  I tried owner financing, but their terms would not work.  Looking for options that will keep more money in my pockets.  Right now a local bank is offering an 80% loan at 4%, which means I have to come up with 20%.  If that's the best there is then so be it, but I'm guessing there other options I'm not thinking of.  

Note: I have another single family home that is completely paid off and can be used as collateral.  Any ideas would be greatly appreciated. 

Cajun

[Stephanie P.]

Originally posted by @Philip Joseph:

BP,

I'm currently working a deal, 4 rental properties for $280K.  All properties currently rented.  Looking for lenders / options for funding.  I tried owner financing, but their terms would not work.  Looking for options that will keep more money in my pockets.  Right now a local bank is offering an 80% loan at 4%, which means I have to come up with 20%.  If that's the best there is then so be it, but I'm guessing there other options I'm not thinking of.  

Note: I have another single family home that is completely paid off and can be used as collateral.  Any ideas would be greatly appreciated. 

Cajun

You're probably not going to find better than 80%ltv at 4%. There may be other gyrations, but you're going to run into issues with CLTV and unfavorable interest rates. The only other way to go would be to refinance the single family home and use the cash to close it, but the rate won't be much better and the conventional ltv on a single family, cash out, investor property is 75%.