Issue with Mortgage on Multiple Properties

[Brian H.]

Hi All,

Am under contract on 5 buildings that span two side-by-side properties. Great rental income. 11 total units, 8 currently rented out to long-term tenants.  Just the 8 that are rented are bringing in about $4,200/month... I am under contract for $200k. This is a crazy great deal.

My issue is finding a lender.  I see now that I need to likely go with a commercial loan with a portfolio lender.  I was talking to one over the last few days and even though the rent roll is crazy high, they still need me to make more money (I make about $43k), have a much larger down payment (they said 50%), or a cosigner... The 15Y term kills me with such a high mortgage payment though I would have zero issue paying this mortgage payment with the rent roll on these units and the great rental history.  So I need some help either finding a more flexible commercial lender or I need some creative ideas on how to make this work.  Also, I have about 80k in capital but REALLY want to conserve as much as I can for a flip once I get these properties under my belt.  I have one person on board for $10k of the down payment and maybe one more on board for as much as $20k of the down payment.  Any ideas are very welcome! I can't stand the idea of losing this deal!