Does anyone finance rentals anymore?

Question

I have around 25 rentals and I would like to get some of them financed out. I am looking for a lender that will  work with an LLC, and one that doesn't care if you have more than 10 properties. Does anyone know of a good lender with good rates that like doing rental properties?

Account Closed · Answer

6 and below is where you'll be with a blanket. Maybe a little less.

There is a tremendous amount of cost to refinance that many properties.  Each one needs an appraisal etc...

Tom

Account Closed · Answer

Is there a status/any info regarding this and were you able to find any financial institution that was able to get this done?

Jared Rine · Answer

@Jason Royer, 30 year amortization, 10 year term is longest.

30 year am, 30 year term not available with them.  I prefer the guys who do the 30 year full; there is also no PPP with 30 year fixed, which may not matter if you're going to keep the rentals forever, but should be mentioned.

Jason Royer · Answer

@Jared Rine I am interested in hearing more on the 90 day seasoning lender. Is it still a 30 year fixed rate?

Jared Rine · Answer

@Jason Royer...this will affect how they look at value, usually up to 90 loan to cost, which usually equates to mid 60s Loan to value, depending.

One of the other lenders will use appraised values after 90 days to 75 LTV, but their fees (origination and closing) are higher.

Jason Royer · Answer

What are the terms for a shorter seasoning of 6 months or less?

Jared Rine · Answer

@Jason Royer  give me a call or shoot me an email please as I don't see yours.  Info is in sig.

12 months seasoning depends on lender.  Let's talk.

Jason Royer · Answer

@Jared Rine lets talk about this because I may be able to do some stuff on your terms. It sounds like you require a 12 month seasoning?

Nazz Wang · Answer

I recently closed on a blanket for 3 properties, 80% LTV at 5.9%, 20 amort. due in 2 years. The LLC did become an issue and they cut my loan terms from 5 years to 2 years the last minute. Very annoying. This was a local small bank that only does local stuff.

Jared Rine · Answer

@Jason Royer

If you're looking for terms under 6, I would likely call around your local banks and see what they can do.  If a little higher is okay, and you can do them as one at a time, I might be able to help you with rates in the 6s-low 7s, depending.  30 year fixed rates, no ppp, to 75 LTV, LLC no issue.  Number of financed no issue.  Will underwrite like a commercial loan.   Just got a quote today on a lady refinancing 2 of her properties.  She hadn't owned them over a year, so we were stuck at 90 loan to cost rather than 75 LTV.   30 year fixed.  6.5%. Close in LLC.

As @Bryan Williamson stated, B2R does do blanket loans.  Fees can be somewhat high though with them.   There are also other lenders who do these besides B2R.   Rates in the 5s to 7s depending on terms and LTV.  Actually just closed one on 8 properties wrapped up @ 60 LTV, 30 due in 10, rate was 5.81% fixed.