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Forums » Private & Conventional Lending Discussion » Multiple Properties Purchase Mortgage

Multiple Properties Purchase Mortgage Subscribe to Multiple Properties Purchase Mortgage

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John Voorhis

Real Estate Investor · Fort Worth, Texas


Forum_avatar_avatar-ftball2003

Feb 27 '08, 03:29 AM

Hello I am wanting to purchase 3-4 duplexes that are priced between 30-40k each and was wondering if I could get a mortgage for all of them instead of one mortgage for each property? With these properties being so low in price I am wanting to save on multiple closing costs.
Thanks,
John

Edited: 06/26/2010 at 04:46AM


Jon Holdman

Real Estate Investor · Wheat Ridge, Colorado


Forum_avatar_avatar-wheatie

Moderator Pro

Feb 27 '08, 08:43 AM

You're talking about a " blanket loan" . Yes, its possible. The rate may be a little higher, though, and your fees are going to be about the same as four separate loans. Closing costs are based on the filing and title company charges, which more or less based on each property and a percentage of the loan

May be easier to buy them with residential financing, then if you have an issue with the number of properties, refi them into a blanket loan.

If you go this route, be sure the lender allows partial releases so you can sell them one at a time.

Jon

Edited: 06/26/2010 at 04:46AM

Small_flying-phoenixJon Holdman, Flying Phoenix LLC




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