Financing multiple properties with a single loan?
Hi All,
I guess I will start by describing my situation. Last year I purchased my first single family rental property with a standard 20% down payment. The loan amount was below the lenders typical threshold, but they made an exception to help me out.
I have since found another property I would like to purchase, but it is unfortunately also below this threshold, which leads to my question:
Given where mortgage rates currently are, I was wondering if I would be able to get a loan that would allow me to refinance the previous property while also financing the purchase of the second? I figure this would lock in a better rate on the first, while also giving me a loan amount above the lender’s minimum threshold to purchase the second rental.
Does anyone have any experience with this sort of loan? From what I’ve researched, blanket loans are fairly common, but I don’t know if the fact that one of the properties being refinanced instead of purchased makes a difference. Any input would be greatly appreciated.
Thanks!
- Daniel