First multi family property- need financing

[Kyla Bailey]

Hi! My name is Kyla Floyd and I’m a young Realtor in Columbia, SC. I found the perfect first investment property and need help financing it. The problem I am facing is, I’ve only had commission based income for 1 year instead of the 2 years required for any banks to lend. Any suggestions? I don’t have the “ask a family member” option. 

Info about the property: 

Asking price is $225,000

Location: one of the top neighborhoods and will hold its value forever. Close to downtown and USC college campus.

Currently being rented and has a full year lease signed for 2020 at $2325. 

Thanks in advance!!

[Stephanie P.]

Originally posted by @Kyla Bailey:

Hey Will! I could put about 10% down

Here's your solution:

1. Hard money with an experience partner for the acquisition and possible update/renovation.  Somebody that's done this before can get financing with high ltv's.
2. Refinance out with a long term loan at the new appraised value (max ltv 75% of the new appraised value)

Best of luck

Stephanie