Investor · Nashville TN · Member since 2018 · 2 posts · 3 votes
Hello BP nation!
So, I've spent the last week researching blanket loans and I think I'm at the stage now where this is an avenue I need to explore. I have 13 units, 7 properties, and five of the mortgages are in my name and am looking to refi several of my properties. My brother and I are looking to scale considerably over the next few years. What I still can't quite understand if it's even possible for an out of state investor to refi an entire portfolio of 30 yr fixed loans using a blanket loan? Does anyone know a national lender or lender in Cincinnati that offers these or am I basically on a hunt for a unicorn. If any one has been in a similar situation or any advice please let me know!
We have used General Electric Credit Union but you have to find a way to become a member. You might also try a mortgage broker and let them do the legwork - we have used Zipfel Capital in Cincinnati for numerous transactions.
@Matt Mason You can definitely do this. Right now we're seeing 10 year terms/amortized over 30. Cash Out up to 70% and Rate & Term/Purchase up to 75%. You can even do unique cross collateral (purchase/refi combo) where you cash out your existing portfolio while purchasing a few at the very same time.