Seeking South Carolina Commercial Lender to Loan on Creative Deal

[Will Gaston]

Seeking a Commercial Lender in South Carolina (preferably a local bank in the Midlands / Columbia / Lexington market) to finance a first mortgage on the following deal on a triplex in the downtown Columbia Area.  

The seller is willing to hold back a 15% second mortgage, interest-only at 4% with a five year balloon. Looking for a first mortgage with a five year balloon so that I can re-finance the first and second mortgages and pay the second off at the balloon. First mortgage LTV in 5 years on will be ~58% and combined LTV on first and second will be ~73%.

Est. Purchase: $160,000

Taxes: $2,809

Est. Insurance: $1,200

80% 1st MTG: $128,000

15% 2nd MTG: $24,500

5% Buyer Down Payment: $7,500

Payments:

Est. Rent: $2,000

1st MTG: -$962

2nd MTG: -$82

Ins/Tax: -$334

Net: $622

Debt Service Coverage: 1.45

Thanks for any suggestions.