CoreVest - Colonial America - Blanket Portfolio Loan

10 Replies

Hi all,

Wondering if anyone has experience using CoreVest (aka Colonial America) blanket portfolio loan. I am in the process of getting quoted on cash-out refi on 9 of my rental properties under one blanket loan under this program:

Rental Portfolio

  • 5+ rental properties
  • Single-family, condos, townhomes, multifamily
  • Stabilized (leased) portfolio
  • $500K – $100M+
  • Up to 75% of cost
  • Fixed rates
  • 5, 7, 10 year terms
They have given me a rough term sheet of 
  • 500K Loan
  • 75% LTV
  • 6.25 interest, 30 year amortization, 10 year balloon
  • $7,500 origination fee
  • Recourse Loan

However, they are asking for 10.5K expense deposit (refundable)

  • $4.5K Legal fees (title, llc, etc.)
  • $4.5K Valuation (appraisal of 9 homes
  • $1.5K Lender due dilligence (background check, admin fees, etc.)

I asked multiple facebook groups, and searched on BP without much luck on user experience. Any and all advice welcome!

Thanks,

Bo

I came across CoreVest too from this article. 

https://fitsmallbusiness.com/investment-property-loans/ 

They seem to specialize in commercial lending. It looks like the interest rate and fees are quite high. I'm going to get a quote as well on some SFR acquisitions that I want to make from an LLC. Let me know if you ended up using them.

Corvest is a good lender for these types of portfolio deals. Their terms can vary from deal to deal depending on a multitude of factors. If you are unsure of the specifics I would suggest speaking with the loan officer directly or contact a good commercial mortgage broker to assist.

Corevest is great!  Rather than going on the blanket loan program they have I did the single asset.  It allows for 30 year fixed rates which they don't have for the blanket loan.  Also, the blanket loan requires a separate llc which I was against.  So far I have done over 20+ loans with them and they have all gone very smoothly.

Originally posted by @Tyler Caruso :

Corevest is great!  Rather than going on the blanket loan program they have I did the single asset.  It allows for 30 year fixed rates which they don't have for the blanket loan.  Also, the blanket loan requires a separate llc which I was against.  So far I have done over 20+ loans with them and they have all gone very smoothly.

Fast forward 7 months...I have now worked with Corevest on multiple deals (portfolio loan - package of 9 properties, two rehab line of credits).

I will be honest and say they are not the cheapest route, but they get the job done and they are professionals. Will continue to use them for the foreseeable future. PM me with any questions. 

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