Blanket Loan vs Cash Out?

[Ben Meier]

Greetings BP'ers,

My coworker/mentor has a financing issue to resolve. He owns currently 17 shf properties (all paid for) and is looking at a small apartment complex (10+ units under 500K). He has the equity to cover the loan a few times over but doesn't quite have the cash for the down payment on the commercial loan due to recently paying off his 17th home and making a few big ticket repairs. 

What are his best options? 

Should he cash-out refi a couple of properties to come up with the down payment? 

Find a portfolio lender who will loan him the down payment based on his assets?

Include one or more of the properties to secure the commercial loan? 

Any help would be appreciated. I finally turned him on to the BP podcast and want to see him take off like a rocket.