Would a bank lend me money for a multi-family apartment building?

[Andrew Berg]

Hi all, I'm in the early stages of creating a REI investing plan, and to know whether a particular path forward is achievable I'd like to hear feedback whether this hypothetical scenario would get financing, either from a local/regional bank or commercial lender.

The Example Property

• 45 unit apartment complex in western-PA
• $2M purchase price
• $500k down (25% LTV)
• 45 units @ $44k/door
• NOI $170k per year (1.8 DCR)
• 30-year amortization @ 5% (just guessing. Not sure whether these terms are reasonable with the given 25% down)

The Buyer

• $750k net worth
• $100k/yr W-2 salary
• $200k cash reserves after downpayment
• No debt
• No real estate experience

The plan would be for the first 6-mo to 1-yr to hold down the W-2 job and use property management until things have stabilized and I'm comfortable with returns. Then quit the W-2 job and become a full-time property manager. So the question is... can I expect to finance something like this? The above scenario is based on this property, with the numbers rounded for simplicity.