What loans do people use to buy packages of SFH's and Duplexes?

[Adam Sankowski]

I'm a single-family or duplex type investor.  I'm interested in expanding faster but I have no interest in larger multi-family buildings.  I like the economies of scale but not the actual large buildings and their unique problems.  But I feel like maybe purchasing a package of properties in the 5-15 property range might be a quicker way to go, especially if all close together in a neighborhood that I already like... 

BUT... what kind of financing do you get for this? Commercial loans I assume? Would a package of properties qualify for a Fannie or Freddie multifamily loan, if they were all already stabilized? I'm assuming not... so are these mostly financed through commercial portfolio loans from local banks? I see packages of multiple properties up on the MLS all the time but I've never heard anyone explain from experience how they financed a package of rentals... I know that seller financing is an option too, but I want to know what the conventional options are. Thanks, would love to hear from anyone who has financed a package of rentals!

I'm in the KCMO (primarily) and Indy markets... 

[Eric Johnson]

@Adam Sankowski This would be a commercial product around 75% LTV on purchases (70% LTV on cash out refis). These are underwritten like CMBS loan, fnma/fhmlc would not buy a loan like this, you are correct on that.