Last minute financing fell through

[Joseph Dunphy]

Hello,

Bottom Line: I am under contract on a SFH in Columbus, Ga and I need to find financing or I am going to lose my earnest money.

This week I ran into a bump in the road and am looking for advice. I am under contract on a rental property in Columbus, Georgia. The bank that I usually finance with dragged its feet on approval through the due diligence period. The Thanksgiving Holiday and some bad communication played into it.  Ultimately, I was approved for the loan but the bank does not have any room left in their portfolio for single family homes (only multi-unit). I already have 4x conventional mortgages and that is making it more difficult to find another conventional loan.

I found a portfolio lender that'll do 7/1 ARM at 8% interest, financed at a 30yr ammortization. Also a $5k flat rate funding fee. Is this my only option? Thanks for the help. The financials for the purchase are below.

-Joe