Looking to Purchase my third property, Loan advice needed

[Anthony Gayden]

I just got off the phone with my mortgage provider. I am looking to purchase my third property, a 4 unit building that is adjacent to the one that I currently own. I was hoping to get around the need for a 25% down payment by getting an owner occupied loan, but after speaking with the mortgage provider, I was informed that the maximum 75% LTV applies whether the property is owner occupied or not. If I had 25% as a down payment, why would I waste my time going the owner occupied route?

Anyway, she suggested an FHA loan, but I already have one on my current property and am not able to get another.

So basically I am stuck as of right now. I have enough cash to put down 10-15%, but not nearly enough for 25%. I was wondering if there was any way around this to be able to purchase another multi-family without having to have a huge down payment? Perhaps smaller banks?

[Rob Beland]

Will you be occupying the property? It could be tough to convince lenders that after your third investment property you are still living in an apartment. You really should be talking to a local bank with a commercial lending dept. They might be able to cross collateralize or have some other options. You should have a relationship w this type of bank already. You should have your checking accounts with a bank like this and already have a relationship @Anthony Gayden.