HELOC to Fund 2 Multi Family Properties
I am very interested in 2 separate buildings (10 Units + 4 Units) that are listed for sale by two separate owners in the same town. The total combined price $885,000. I would like to purchase them both using a HELOC from my primary residence to fund the 20%-25% down payment. I imagine that I would need to take out a commercial mortgage. Some key details:
Location: Massachusetts
Total Units; 14 - Fully Rented
Total Cost: $885,000
Down Payment: $177,000
NOI (Combined): $126,000
DSCR: 2.20x (Projected)
I would be purchasing this under an LLC. The cashflow is very compelling, however I wanted to see if this type of mortgage financing can be arranged? I have a W2 job, other cash flowing properties as well.
Are there any lenders willing to make this happen?