2nd position for DSCR

[Rhett Kelton]

My situation and I am looking for any recommendations or paths to follow.

I purchased a 5 unit property at auction in January 2022.  Purchase price was $451,000.  I originally bought it with hard money, as I had a personal lender back out 2 days before closing.  My commercial banker will finance up to 75% of purchase price ($337,000), leaving me with approximately $120,000 that I need to bring ($114,000 + closing costs).  I am getting a pretty good rate through him, so I am looking for a 2nd position loan for somewhere between $100,000-$120,000.   I would like to pay 6-7% interest on a 10yr+ loan, either interest-only or a 25-30 amortization.

The property brings in $4250 monthly, with 4 leases through the end of October, and 1 lease through June 2023. Annual taxes are$ 2681 and insurance is $1934.

 I can some cash to the table, but also have the hard money and some deferred maintenance that I need to take care of.  

My personal DTI wouldn't allow me to qualify for a standard loan, so I am looking at a DSCR/private loan. My credit score is in the 785 range.

I have 6 other doors in the neighborhood.  They gross $107,400 annually.

The property is in Murfreesboro, TN (about 40 minutes south of Nashville) and right next to MTSU, so there is a stable market of tenants (although none are currently students.  Go figure).

  All help is appreciated.