Get Creative..How Can I Obtain Financing With Income Capped Out?

[Danny N.]

Hello, I have multiple assets and am a small business owner, so my taxable income and real income are very divergent bc there is alot of cash in my business. Anyways I wanted to get a mortgage for a rental property but my bank is JP Morgan Chase, and even though Im in their private client group, they are one of the least risk averse banks on the planet. I really should switch but I've been there so long. Anyways here is my balance sheet and Im trying to see if someone can give me pointers on how/where to obtain financing for what I want.

Main Home: $1.35M                      Debt:$240k

Rental Home: $750k                      Debt:$235k

Rental Home: $75k

Rental Home: $75k

Rental Home: $50k

Land: $150k

Land: $175k

Also have an auto loan of $75k but overall $2.65M of assets and $475k of mortgage and $75k car loan. I also have about $350k in cash in the bank, and own a couple franchised businesses, I own the business but not the land so those really dont count on my balance sheet.

Anyways my taxable income combined with the wife is around $17.5k/mo and Im interested in buying a $850k rental condo. The rental home I have now is currently rented at $3500/mo and is cash flowing $1000/mo after mortgage,maintenance,taxes. I know not much by this sites standards, but im happy with it bc its up about 40% in 2 years since I bought it based on comps, thats how miami is.

Anyways Chase would not finance me and Im trying to see what I need to do to get this rental condo I want, its a great deal but should I do a home equity loan on my main home? What are the terms on those loans usually? Can I borrow on the equity in my expensive rental home? Im just looking for creative options to buy this place.

Thanks