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:
- 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
- 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!
Has CoreVest asked you any rent rolls regarding those nine rental properties?
I came across CoreVest too from this article.
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.
@Bo Kim are you still pursuing CoreVest? How's it going? I'm about to talk with them tomorrow
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