Posted on: 28th Oct, 2008 09:37 am
I have 9 properties in Cleveland - 2 duplexes free and clear and the other 7 with 1st mortgages at 80%. All are rehabbed and rented for positive cash flow. Does anyone offer a blanket loan for all 9 - I want to get my cash out of the first 2 and try to get the individual loans off my credit so I can buy more.
Hi mnmreip!
This community has a number of lenders offering different types of mortgages to the people. You can consult with these lenders and go for a no-obligation free mortgage quote from them. I hope that will help you.
Thanks.
This community has a number of lenders offering different types of mortgages to the people. You can consult with these lenders and go for a no-obligation free mortgage quote from them. I hope that will help you.
Thanks.
Where you able to find a blanket loan for your Cleveland properties? Myself and some other Cleveland are in the same situation. Any help finding a blanket loan is much appreciated.
-Ryan
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-Ryan
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Hi Ryan - I was not able to find anyone to handle a blanket loan - I ended up selling one of the 2 I have free and clear and left the others alone. I would still like to find a way to at least cash out refi the duplex that is owned free and clear because I want to use the money to buy some additional properties.
Let me know if you find anyone to handle a blanket loan or a cash out refi...good luck!
Let me know if you find anyone to handle a blanket loan or a cash out refi...good luck!
As for blanket loans they only exist with ltv s of 65% or less in selected areas an rates of 8%
What I've done for investors with 20 plus homes is had them form a group an individuals took 10 properties each an they were able to finance with fannie/freddie at 5.5%
They were strong cashflow and stable situations so investors that financed felt very secure on the risk and the interest reduction for original investors gave the cash to pay themselves a decent management fee ( combinations of interest credits, cashflow, an equity upon sale in future)
I gave them a fiscal analysis by CPA for the investors on what deal meant overall to income/tax/equity.
I am in for 10 units an will be due a tax credit over 35000 next year. an have equity in 10 properties at less than 75% ltv in current market (atlanta)Original investor collects management fee an equity
15 people came to our pitch for 180 properties all except detroit an las vegas properties were taken because they are such rapidly deacreasing values in those area. Most investors are in for long term return 5 years plus an tax reduction. We are preparing a secong offering but still inviting those properties 20 plus minimum ( most vlaues are overstated so it s a long process to set values.
willl be glad to explain but know you must have low ltv high ltv present to much risk
DON TERRY
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What I've done for investors with 20 plus homes is had them form a group an individuals took 10 properties each an they were able to finance with fannie/freddie at 5.5%
They were strong cashflow and stable situations so investors that financed felt very secure on the risk and the interest reduction for original investors gave the cash to pay themselves a decent management fee ( combinations of interest credits, cashflow, an equity upon sale in future)
I gave them a fiscal analysis by CPA for the investors on what deal meant overall to income/tax/equity.
I am in for 10 units an will be due a tax credit over 35000 next year. an have equity in 10 properties at less than 75% ltv in current market (atlanta)Original investor collects management fee an equity
15 people came to our pitch for 180 properties all except detroit an las vegas properties were taken because they are such rapidly deacreasing values in those area. Most investors are in for long term return 5 years plus an tax reduction. We are preparing a secong offering but still inviting those properties 20 plus minimum ( most vlaues are overstated so it s a long process to set values.
willl be glad to explain but know you must have low ltv high ltv present to much risk
DON TERRY
[Promotional Text deleted as per forum rules. Thanks.]