Updated over 16 years ago on . Most recent reply
Bank Loans for People with >4 Properties
I have just received an offer on one of my duplexes (I own 5) and hopefully will sell it soon. I would like to 1031 the profits into another duplex, but with the 5 properties I would already own after the sale (I have a SFH too) most banks will not lend to me. I have excellent credit and can afford to put 20% down. I had a bank that would lend for up to 10 properties, but I just got an email saying they went belly up. Does anyone out there know of banks that will lend on up to 10 properties - or at least more than 4? Thanks in advance.
Most Popular Reply
Hal,
Finding lenders to finance deals as you have been doing is going to get harder and harder. In addition to the reserve requirements Jon mentioned, the rules are changing significantly. Takea look at the artilce on the BP new blog entitled... Fannie/Freddie Mac's New Lending & underwriting Policy Changes. They are ugly!
A better and longer term solution would be for you to develop working relationships with small local banks.
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Best of luck!