Buying REO for cash

[Randy King]

I am buying REOs for cash. I will soon run out of funds. I know that private money may be my best option, but I would like to investigate commercial loans. I am not borrowable yet, not long enough track record of rental income for FNMA. I understand that the smaller local banks are my best chance. For those who have gone this route, how have the loans been set up? Do you obtain a blanket loan where properties can be added and deleted? What are the terms that you have gotten (interest rates, interest only, etc.)? Any help would be appreciated.