Portfolio Financing Question

[James W.]

Hi BP, I’m looking for some group feedback. Here’s my situation. I have a rental portfolio unlevered (all cash) with the following properties: Home 1 Value: $50k Home 2 Value: $50k Home 3 Value: $40k Motel Value: $250k I’d like to buy another portfolio or apartment complex or commercial property in the $400k range. Ideally, I’d go to a lender, show that I have $390k in real estate with no debt and borrow $400k to buy the $400k property. I’d pledge the entire $790k of real estate for the $400k loan (~50% LTV) My resume won’t be a problem, value shouldn’t be a problem, property cash flow definitely won’t be a problem (should be well over 2x coverage, maybe more). My DTI and personal credit are very strong. That being said, I’d prefer to not take recourse and still get a term of at least 7-10 years, preferably more. I’m assuming a local bank is my best option to do this, but does anybody know any national lenders that might be more competitive? I know the local banks will never give me over 10 year term. Thanks in advance