Newbie here. Trying to acquire lending for two multi-family homes. One is listed at $119K (3unit) and the other is listed at $99K (3unit)...subject to negotiation. Both of these properties are on the same plot and the banks that I spoke with said that they are only able to do a residential mortgage on a home with no more than 4 units.
I am having difficulty finding lending options to make this deal work. I know that I won't qualify for a commercial loan due to lack of immediate cash-on-hand. My business partner and I intend to "hijack" the houses to acquire conventional lending, but due to the fact that the homes are on one parcel, the banks we spoke with will not lend to us.
Any thoughts, suggestions or ideas around creative financing for this deal? This question is not whether it is worth it or not. We have determined that this is most certainly a good deal for us.
Please advise on financing for this deal. Any help would be much appreciated. Thanks!
-John
