Looking to find 4-plex financing options
I am looking at financing a 4-plex, multifamily property in central Florida and was wondering what would be my best option for obtaining a loan. It would be an investment property (I wouldn't be living there), managed by a property mgmt service, owned as an LLC and costs $300-350,000. It would be cash flowing (presumably) with a cap rate between 5 and 10, depending on using the 50% expense calculation or their numbers, respectively.
I have excellent credit (>800) and money for a downpayment is not a problem; however this would be my first investment property purchase. My current outstanding primary home mortgage is less that 30% of current annual income. I would preferably like a 30-yr fixed loan (if possible) with the lowest rate possible. Anyone know where I should start (big banks, credit unions and/or commercial loans) and what type of financing I should expect? Thanks for helping me get started on the road!