Last year one of our lenders would not lend to new customers or customers who have never did a commercial loan with them.  

At first blush it looks like you're finance at $500k, so getting a loan for $375k.

I would talk to some lenders  getting land loans and development loans with no experience is next to impossible starting out.. 

i wouldn't tell you where you should move since i don't know you.also, a lender would be in the best position to advise whether you qualify for a specific loan. 

So they started doing the loans that everyone else turned down, ultra high risk development deals, second mortgages, land loans at ridiculously high LTV, loans where the borrower has none of his own capital invested, 85% of AFTER stabilized value loans.  

He works with us often here in Chicago, but can service loans across the country!

If you have bank loan (not an agency loan) or no mortgage at all, an LLC is certainly an option.

DSCR loan How did you add value to the deal?

From my experience, you can use that savings to house hack with an FHA loan, invest in a turnkey property in a more affordable market, or even partner with others to expand your purchasing power.

@Shwetha Pindikuri,Assuming an FHA loan with a second mortgage can be tricky, but it’s definitely doable with the right lender.