Have the contract & pre-approval but want more options

[Gary Fischer]

I have a contract on a property I intend to flip. The contract is for approximately 60% of a realistic expected appraisal. I have a pre-approval but with 6 mortgages already have to put 25% down. I can do the 25% down and the renovation with cash but would prefer not to and find a more creative way to finance the purchase and even hopefully include some rehab in the loan. On 6 mortgages there is about 35% equity totalling approximately 4x the purchase plus rehab on this home. I am looking for creative financing options such as portfolio lenders. I don't mind paying more for the money and refinancing if I ended up having to hold and lease the property. Purchase price is $160k and most likely a current appraisal is in the $240k-$260k range. Maybe the easiest would be equity lines on existing properties to purchase the new one then refinance? Actually, one of the 6 mortgages will very likely be paid off very near the date of closing on this new one. We have a long term renter vacating on one that we will sell. They vacate on The 9th of May and our close is set for June 6th on the new one... the last two long term rentals we sold in the same area sold immediately (within 3 days of listing).