Anyone have experience with Red Star Mortgage?
Hi-
Just checking if anyone has experience with a commercial lender called Red Star Mortgage? Found them while looking for a blanket cash out mortgage option for about 10-12 single family rentals I own. Talked to a guy there offering commercial 75% LTV 10 year term, 30 year am, rates around 5%, no seasoning requirement, individual property values they go as low as $40k but minimum $500k loan amount. 1.2 DSCR
Seems good on paper if you have a lot of relatively lower value properties with equity like I do, but they don't have much of a presence online so figured I would check here.
Thanks!
I don't typically deal with blanket loans and don't have any experience with Red Star Mortgage specially. But generally speaking, 5% seems pretty high. Also, the terms this guy quoted you are all better than the terms Red Star has advertised on their website. They very well might be able to get you what you were quoted, but I would double down and make sure you have a clear understanding of the potential terms before committing to credit pulls and term sheets.
Thanks @Cason Acor, terms seem pretty good to me, 5% is close to what some other non-conventional commercial brokers have quoted for SF blankets. Just looking for someone with experience with this actual company.
Hey Bob, I have done a number of portfolio or blanket loans and can get rates lower than Red Star. Let's connect and go over the specific details and I can price it out for you. Contact me josh-AT-ambbanking.com
Bob, have you end up using Red Star Mortgage to finance your properties? How do you like it?
Just following up on this post. I was looking into Red Star Mortgage for a 30yr fixed commercial loan and I'm having trouble finding reviews or feedback from people who have used them. Bob did you use them or go with someone else?