I am looking to acquire my first 12 units (4 properties) in Pennsylvannia and have set up an LLC to do so. I have 25% of the money needed to buy them but am not "bankable" because I don't have W2 income (self-employed). I am looking for alternatives other than seller financing to fund the acquisition and am wondering what the community thinks. Can I go after a commercial loan for all 12 units where the rents support the loan? These properties have great cashflow. Are there other routes? I

I am self-employed and can get regular loans. Just have to document your income, not difficult.

There are options available if you’re not going the bank route. You could do all the properties under an umbrella loan or four seperate loans. I have programs available for both, with rates currently starting in the 5-6% range. Qualification will focus on the property(s) and does not include income verification. 

Hi Bob,

 If the properties cash flow well, you shouldn't have a huge issue getting a commercial loan from a private lender, if not a bank. Private lenders' rates are higher, but they are often much more flexible on approvals, faster to close, and easier to deal with.

 - Tim

@Bob Cirino , for reasons unknown to me, local Philadelphia banks consistently under-perform compared to regional or out-of-market lenders.  What kind of lenders have you tried so far?

If the property performs as well as you say it does, and you have a solid record of income and/or liquid assets, even if it's not W-2 you should still be okay.