Cincinnati Blanket Portfolio Refi - Out of state investor

Cincinnati Blanket Portfolio Refi - Out of state investor

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!  

Cheers,

Matt Mason

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  • Rental Property Investor · Chicago, IL · Member since 2014 · 108 posts · 49 votes
    6y

    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. 

  • Investor · Nashville TN · Member since 2018 · 2 posts · 3 votes
    6y

    Super helpful - thanks Ryan!  I appreciate it.  Going to reach out to Zipfel

  • Alex BekezaBusiness Member
    Lender · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
    6y

    @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.  

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