Private/portfolio lenders in MA

[Melissa Goldman]

Hi everyone!
I'm new to biggerpockets and have been trying to find a private or portfolio lender who would be willing to finance a ~630K duplex in the greater Boston area that we would want to keep as a rental property. My partner and I both have excellent credit but are only able to put 5% down due to having just bought a condo in July, and we really don't want to miss out on this opportunity. We're running into roadblocks qualifying for conventional or FHA financing because: we're not first-time homebuyers, our income is too high to qualify for many programs, and our debt to income is too high because various programs refuse to recognize rental income if the unit hasn't been rented out for a full year (despite us having signed 1-year leases and last month + security). Since we don't have much capital at the moment and the duplex would need the siding repaired soon, we can't do a 1-year type of deal, but are hoping to work something out where we have a bit more time to save up to refinance into a conventional mortgage. Ideally, it would be amazing if we could find a lender who would essentially allow us to do a 5% down mortgage through them and count our rent/projected rent toward our debt to income ratio, but we're definitely open to other creative arrangements as well!