Updated about 13 years ago on . Most recent reply
Procedural Question - Seeking financing on multiple properties simultaneously
Hello all,
I am currently considering up to three properties on which to make offers. They are all in the same metropolitan area. There is one property that is a definite, although the other ones are just slightly less attractive to me. I am not certain that I will go through with more than one, but at maximum will seek financing for no more than two of the three at this juncture.
My question: I have already spoken with the lender and asked about restrictions or issues in seeking financing for multiple properties on the same mortgage application. I can prove that with proper rehabbing and comps that these will generate cash flow (my strategy is long term accumulation and rent, not flipping), and do not feel that my credit profile would restrict the total amount to be considered, but would any seasoned veterans here have any tips or strategies to offer other than just putting the straight numbers on the application? Anything to consider with interest rates or financial considerations if there would be essentially two collateralizing properties?
This is my first time dealing with this lender so other than proving my assets and other modestly successful real estate deals, I don't have an established relationship with them as of yet.
Many thanks in advance.
Matt