Updated about 9 years ago on . Most recent reply
Creative Financing in Florida
Hello, I'm looking to purchase 3 single family homes from the same Seller. I would love to package these together in one loan. Does anyone know of a lender who will finance something like that? Thanks!
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#3 Guru, Book, & Course Reviews Contributor
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Most any bank can or will, but this won't be a conventional loan, it's commercial and you need to ask about a "blanket loan". With these, make sure you get a "release" amount on each property so you can sell or refinance any one property in the future without having to payoff the entire loan to obtain a release of that collateral.
You'll get better loan terms individually and the savings from settlement won't be that much, if each property qualifies and you can carry the water for successive closings, you're probably better off doing separate deals, just need to weigh all the parts. Good luck :)