11 Unit Multi Unit Loan, Where to go?

[Cody DeLong]

I'm having a tough time figuring out where to go for financing.  I have the opportunity to purchase an 11 Unit multiplex that all have 1 bedroom/1 bath in them and rent for $600 a month. It's an old motel that was fully converted about 10 years ago with all new plumbing, electrical, roofing, kitchens, etc. It is currently fully rented and has been for the last two years straight.  

The asking price is $275,000 and I have up to 25% of the amount through personal funds and private money. I'm assuming I need a commercial loan because of the amount of the loan. Problem is my DTI is only good for another loan up to $100k as my wife and I just purchased a new house last year and we're almost done clearing out all our other payments (Cars and student loans) Any help would be greatly appreciated. My first thought was to go interest only for two years and build up the financials but I'm not sure.

Purchase Price: $275,000

Down Payment:  $68,750

Financed Amount: $206,250

Monthly Cashflow: $6,600 ($600 Per Unit, could easily raise to $650 bringing cashflow to $7150 Per Month)

Taxes Per Year: $2950 ($245.84 Per Month)

Heating Per Year: $9,000 ($750 a Month)

Electric Per Month: $800

Insurance Per Month: $550 (Estimated at $50 a unit per month)

Repairs (5%): $330 Per Month

Property Management (10%): $660 Per Month

Capex (5%): $330 Per Month

Total Costs Per Month without Mortgage: $3665.84 

The repairs I estimate to be little and I'm more so banking that and capex into a fund to do some updates during turnover as well switch all the units to their own electrical meters.