We need help financing our deal.

[Matthew Jefferson]

My wife and I are new REIs with 2 LTR and we've completed 1 flip, all within the last year. So far so good with good cash flow from the rentals and an even better flip result.

We just bid on and won at auction a single property with 2 homes and 3 acres. We want to finance and keep them as LTR but our lender is having problems.
The hurdles he mentioned are that they share a well, they share a driveway and one house is stick built but the other is a manufactured home on a foundation. His major issue in getting us funding is the manufactured home as an investment property, he just can't seem to find a solution. It doesn't look like the county will allow us to separate the houses even though they have different mailing addresses. They say there isn't enough land.

We won the auction at $193k, with the buyers premium the total is $212,300. Both homes are currently rented, $750 and $725. At current market value they should be renting for $1000k each. 

We have the ability to get a heloc on our primary home and pay cash but would prefer not to do that if possible. We have very good credit!

Just a nudge in the right direction would really be appreciated.

[Jake Wiley]

I'd get all the facts together in a nice package and start calling the local community banks as they may have more flexibility than your current lender.     It's really not so different from a house with a back house that could be rented out separately if they are selling as one property.     You're just going to have to make a bunch of calls to find someone that can help.

I'd also reach out to your local REIA and ask who is an investor friendly lender that can help.

I'm assuming you are under a bit of a time crunch too!

Good luck.