First 4-Property Deal

[Adam Larkin]

Hi All

I'm working on closing my first buy & hold deal, very exciting!

I have 4 properties under contract in Memphis, 3 duplex and 1 single family from the same seller. 

Total market value is about $140k, and under contract for $108k.  (for all 4)

Units are partially rented, great positive cash flow. I have started building my local team, working with a great agent, I have inspectors lined up, and a title company I'm working with. 

Have not selected a PM firm yet,  but I have a few weeks to work  on that. 

My Tennessee LLC formation is in progress.

The current issue is financing, I'm trying to find a lender to buy all properties under a single blanket loan, 30yr term ideally. 

Rather not do a conventional on each, my thought process is to save on bank fees, consolidate under one loan. 

Not many banks offer mortgage under $50k for a single property, but I do have one or two on my list that do. So I have a fallback plan to finance each individually. 

I've called numerous banks /lenders, some local, some not. 

None have a loan product to fit the scenario... 

If they have a blanket product, its for refi, not purchase. 

Another common issue is the loan value is too small or some of my local banks do not finance in TN. 

I'm located in NY, on Long Island. 

I just tasked my local mortgage broker for options, still waiting to hear back on that. 

I would greatly appreciate some recommendations on a lender that would support my scenario. 

PM me with details if you can't share in the open forum. 

Your advice and feedback is greatly appreciated!

/Adam