Long term rental refi product

[Ben Sturgill]

HI all, 

My partner and I are looking for a long-term rental refinance product for single-family homes. We have been doing a lot of flips with a LOC and hard money for the down payment. However, we plan to start retaining these in a long-term rental portfolio. Once renovated, rented, and stabilized we are looking to refinance the properties with a long-term loan. I've been told of a product that fits this criteria but it would require lumping 5 properties together at once. Does anyone know of a product to do this one at a time? THanks

[Spencer Cuvelier]

There are financing options available that allow you to refinance multiple properties together - commonly referred to as a portfolio loans or blanket loans. Here's a few options:

- Portfolio Lenders: some local banks/credit unions/specialized lenders offer portfolio loans. They are more flexible w/ their underwriting criteria and might be willing to consider a refi for multiple properties like your given situation.

- Commercial Lenders: these loans typically are tailored for commercial properties or investment portfolios 

- Online Lenders/Crowdfunding Platforms

They will all typically evaluate the overall performance and value of your portfolio, as well as your creditworthiness. I recommend reaching out to multiple lenders, explain your strategy, and inquire info about their portfolio loan options. Terms/int rates/fees/eligibility/etc. 

[Jared Rine]

@Ben Sturgill..there are loan products out there that should allow you to do this, assuming your properties/you qualify.  So you'll bundle 5, then rinse, repeat?  Is that correct?

[Jay Hurst]

Quote from @Ben Sturgill:

HI all, 

My partner and I are looking for a long-term rental refinance product for single-family homes. We have been doing a lot of flips with a LOC and hard money for the down payment. However, we plan to start retaining these in a long-term rental portfolio. Once renovated, rented, and stabilized we are looking to refinance the properties with a long-term loan. I've been told of a product that fits this criteria but it would require lumping 5 properties together at once. Does anyone know of a product to do this one at a time? THanks

@Ben Sturgill  No reason at all that you should have to do this 5 properties at a time. There are any number of products that would allow you to refi out of the hard money loan one at a time. 

[Erik Estrada]

Quote from @Ben Sturgill:

HI all, 

My partner and I are looking for a long-term rental refinance product for single-family homes. We have been doing a lot of flips with a LOC and hard money for the down payment. However, we plan to start retaining these in a long-term rental portfolio. Once renovated, rented, and stabilized we are looking to refinance the properties with a long-term loan. I've been told of a product that fits this criteria but it would require lumping 5 properties together at once. Does anyone know of a product to do this one at a time? THanks

Yes you can do this easily on a blanket loan. Up to 75% LTV

[Ben Sturgill]

Quote from @Ben Sturgill:

HI all, 

My partner and I are looking for a long-term rental refinance product for single-family homes. We have been doing a lot of flips with a LOC and hard money for the down payment. However, we plan to start retaining these in a long-term rental portfolio. Once renovated, rented, and stabilized we are looking to refinance the properties with a long-term loan. I've been told of a product that fits this criteria but it would require lumping 5 properties together at once. Does anyone know of a product to do this one at a time? THanks

Thanks, everyone. I appreciate the feedback. I should have mentioned the product I was told about that needed to bundle 5 properties together was offered at 5.8-6.2%. I'm looking for a product at or below 6% that allows us to refinance them one at a time at 75% LTV.

[Eliott Elias]

Use DSCR lending.

[Frantz Joseph]

@Ben Sturgill

Hi I used Lending one to do a cash out refi on a 3 family. 25%ltv 30yr fixed rate debt. Must be titled in llc.

[Dave Skow]

@Ben Sturgill- thanks ...depending on how many financed proeprties you presently have - there are plently of lenders that  can provide  refinances for  rental properties  on a  property  by  property  premise 

[David Taylor]

DSCR financing accomplishes this.

[Raymond J. Rodrigues]

You will not find an investment property loan that is sub 6 right now. Unless you buy points and have a really low loan to value.