Commercial portfolio lending help

[Daniel Petta]

Hey everyone,

I'm pursuing a whole deal for this portfolio of two properties (9 unit apartment / quadplex) and having trouble finding financing options and was hoping for some advice.

I am new to real estate investing and finally closed on my first property two weeks ago, a duplex in Milwaukee, and now have this Indiana wholesale deal that I'm very interested in but can't seem to find a way to finance the deal.  

I've called local banks and commercial lenders and they all have said no for a mixture of reasons but the highlights are:

* I'm an out of state investor (based in CA that will use local property management)

* The deal is less than $1M ($400k to be exact)

* I'm not a seasoned investor (yet)

I'm in a position that I can purchase the unit with cash, borrow against stocks as a bridge loan but want to refinance shortly thereafter. The units are stabilized with good cash flow and fully leased so no immediate rehab but there will be some down the road. The units cash flow pretty well with my conservative underwriting with a 1.35 DSCR and 11% cap rate

So any guidance would be helpful.

My strategy is to invest in multifamily for cash flow and long term hold so these affordable 5-12 unit apartments are enticing seems that finding financing is a struggle?