Commercial/blanket/portfolio Loans that Don't require Appraisal?
Hi, I currently own 12 properties. 4 have traditional mortgages on them and 3 of them are lumped together on a commercial portfolio loan. All of these loans have required appraisals of course.
Thus, I have 5 properties currently that are owned outright with no loan. My cash flow is drying up and I need to get more cash. All of these properties are rented but most in bad shape and in need of significant renovations, which I will eventually do but not ready to do at the current time.
Is there any type of loans out there that I could get given my situation that wouldn't require an onsite appraisal? Like anything that would use rental income or just a desktop appraisal? Any ideas would be great. I am in NC.. Thanks!