Down payment and financing ideas for a 20 unit
I own small multifamilies currently and am looking to get into larger multifamilies. I told my property manager that and a few days later he brought me a 20 unit, off market deal for $1.2m from one of his other clients. I like the deal and I'll spare the details, but my question is how am I going to get the down payment and financing for this? This was larger than what I had in mind, but if I could make it work I'd love to accelerate the climb to larger units.
I have $150k liquid funds available to comfortably use, significant equity in some rentals (but no lines of credit open yet), and a TSP account I could borrow up to $50k from with little penalty other than to pay myself back with 1-2% interest. If I added all this together I could get the 20% down payment....then the bigger question is can I still get commercial lending with all of my assets borrowed against?
Bottom line, I'm looking for ideas to pull this off. Is it even possible and if it is, am I overextending myself? My wife and I make about $240k combined in our W-2's, with 800 credit scores, if that matters.