thanks in advance for any help and yes i have %25 cash to put down.
Yes, it is a portfolio loan that includes more than one property. Small local bank, community bank, and union makes these type of loans, not the big banks.
The big guys(wells fargo) will say no but I got one through a credit union.
Yes, I am pre-approved for one now with a small local bank. 5 property's on one loan. I have not pulled the trigger yet.
Any idea on how to figure the closing cost on something like this?
Yes its called a blanket mortgage covering more than one property. One time I bought 2 properties from 2 different owners that adjoined a property that I already owned. I was able to get a blanket mortgage coving all 3 properties, and didn't need any down payment as my equity in the first property covered the down payment for all 3 properties. No down payment can you say sweet?
Just be aware that these types of loans are not typically 30year terms. More often, they involve a 5 or at most 10y balloon and the rates are higher than your "conventional" mortgage terms.
I just closed one on 4 properties together it's a line of credit though. Loan amount was $350,000 closing costs were about $11,000. Rate is prime plus 1.25%. I can convert it to a 20 yr loan if I want.
thanks everyone! much appreciated. i got the ball rolling today. time will tell.
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