Blanket mortgage or portfolio lender
Hello BP community
I’m in a bit of a jam and trying to see if anyone can help.
I have 16 units that I would like to do a cash out refi. Those 16 units are comprised of 1 four unit property 4 three unit properties. Thy all have different mortgages as I purchased them 1 by 1. Im tryin to do a cash out refi and consolidate these properties into 1 mortgage which is called a blanket mortgage. My properties are in new Britain Connecticut and I’m having some trouble finding a lender who would entertain this type of product.
So far I found a broker who said he has a lender that would be willing to do 30 year term @ 5.75% 75 ltv which isn’t bad. Problem is my rates are 4.75 or lower for my properties. So I’m trying to find a lender that would be in the 5% range.
So my question is has anyone (preferably in CT) done this type of loan and have any recommendations for a lender?
Most Popular Reply
Hi Luis. I've worked with a multitude of BP investors to do exactly what you're looking to do, refinance a pool of investment properties into a single commercial mortgage. The commercial rates have been rapidly declining due to the Coronavirus scare. For a cash-out refinanced on seasoned (1 year or greater of ownership), our interest rate today is 4.10% for a 5 year adjustable rate commercial mortgage with a 20 year loan term and amortization schedule. I've done a few deals for New Britain investors. Feel free to give me a call at Jewett City Savings Bank in Eastern CT.