Need loan for buy and hold

[Constancia R.]

I spent the day on the phone and got zilch. I am looking to get a loan on a 5 family. Apparently that complicates things because once it's over 4 units, it's commercial. Our credit scores are both good and we can put 20% down (of course we would rather put less!). We have a duplex that's owned free and clear but taking cash out of it won't give us the entire amount we need. I saw a few places online and here on BP that looked promising but when I checked their reviews, they were terrible!

Any ideas? Hard money, anything?

[Dave Skow]

@Constancia R.- thanks ....leverage the duplex for as much as can .....can you leverage your primary home at all ? if you can get some funds from duplex - this will allow you to increase the down payment and getting a commercial loan with a lower LTV will be easier ...try to find out if there have been any lenders on the 5 plex in the past and if so - contact them ...try your own bank ....try the smaller / mid size banks and credit unions that are in the area of the 5 plex- good luck