Need help to finance a MFR in Cleveland, OH using BRRRR method

[Lawrence Williams]

Hello everyone,

I recently went under contract for a 3 unit MFR in the Cleveland Heights section of Cleveland, OH. I need to connect with a lender who can assist me with obtaining a loan based on the following criteria:

• I am a California resident. The property is in Ohio.
• The property needs to either close escrow under and LLC, or have the ability to be transferred to an LLC.
• I'd like at least an 80% LTV.
• I don't want to wait the standard 6 month period for seasoning. I would use the delayed financing exceptionfrom Fannie May/Freddie Mac, or a small local bank.

Here are details about the property:

• Purchase price:   $126,500
• Rehab:                   $0  (The seller has agreed to rehab the property based on a checklist I created from the inspection report)
• ARV: $167,000 (The agent estimates this to appraise between $150K - $200K. My own comps show about $167K
• Vacancy:               2 units vacant, 1 occupied. The other two may be occupied by closing.

Here is what I am looking to do:

1. Buy the property using all cash or financing.
2. If occupancy is not 100%, then fill vacancies.
3. Once building is 100% occupied, have the property appraised using tenant income and leases to help maximize the ARV.
4. Finance/refinance at 80% LTV.
5. Pull out all or most of my money within a 6 month period. 

I've done all of the calculations to make sure that this will work. I just need to be connected with a lender that can make this happen. Does anyone have any contacts or suggestions that they would like to share?

Thank you!