Number of financed properties cap

[Vivek Garg]

When getting a pre-approval for our next MF investment property, my lender told that total number of financed properties from the borrowers cannot be more than 5, and they will need to make a portfolio loan instead of their typical contracts. This seems too limiting (we already have >5 financed properties including our residence) and limits how we scale from here. 

Questions: 

1) Is this a new restriction (this is in WA) from lenders. Anyone else seeing this? 

2) Current plan is to 1-2 MF every year to get to total 10 properties (3-5 units). Any suggestions for the best entity/structure to do this between 3 partners? We have 2 triplex right now as co-borrowers on loan (no entity). 

Idea:

I am starting to think about structuring this as an entity that has a relationship with the bank, raise money (private equity either from co-investors, or just raise capital) to continue to invest into MF. Would love any advice/chat. 

thanks, Vivek