Pulling cash out of multiple properties

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Pulling cash out of multiple properties

Jared BornPro Member
Amherst, OH · Member since 2017 · 2 posts · 2 votes

Are there products that would pull cash out of multiple properties at once?  Looking for a way to pull some equity out of several free and clear properties with a blanket loan or line of credit.  Any input would be appreciated. 

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  • Dennis Muno
    Lender · Denton, TX · Member since 2023 · 349 posts · 80 votes
    3y
    Quote from @Jared Born:

    Are there products that would pull cash out of multiple properties at once?  Looking for a way to pull some equity out of several free and clear properties with a blanket loan or line of credit.  Any input would be appreciated. 


     I believe there are portfolio cash out refinances. That may be an option for you. Every lender who does these loans will have minimum loan amounts and other requirements

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  • Robin SimonBusiness Member
    Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
    3y
    Quote from @Jared Born:

    Are there products that would pull cash out of multiple properties at once?  Looking for a way to pull some equity out of several free and clear properties with a blanket loan or line of credit.  Any input would be appreciated. 


    Yes, your likely best bet is a "Blanket" DSCR Loan. Typically, you are going to need these to make it work:

    -Minimum of 3 properties

    -Minimum Loan Amount around $250k or so

    -Same State

    -Property Values at least $75k or so, but best bet to be $100k or more each

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  • Brittany MinocchiBusiness Member
    Lender · Massillon, OH · Member since 2022 · 1k+ posts · 486 votes
    3y

    Yep, a blanket DSCR cash out. Requirements/terms/rates will vary by lender...some require 3 properties, some will allow 2. Lowest minimum per property value I've seen is $50k, lowest minimum loan amount of $75k.

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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    3y
    Quote from @Jared Born:

    Are there products that would pull cash out of multiple properties at once?  Looking for a way to pull some equity out of several free and clear properties with a blanket loan or line of credit.  Any input would be appreciated. 

    Hey Jared, 

    You may do a blanket loan on these if the value is at least $70,000. The minimum loan amount per property is $50,000. 

    Just be careful with these because if you decide to refi or sell one of the properties you may have to sell or refi all of them because many lenders do not do partial releases. 

    It may make more sense to just refi them individually 
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  • Brayden Hrycko
    Lender · Allentown, PA · Member since 2023 · 207 posts · 38 votes
    3y

    Hey @Jared Born,

    Yes, you have options for blanket loans. DSCR or bigger commercial. Feel free to reach out. I'd love to help.

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  • Nicholas Ruscio
    Lender · Member since 2023 · 112 posts · 35 votes
    3y

    Hi Jared, 

    Like Erik mentioned it makes more sense to refi them individually. If you do decide to blanket them make sure the lender you work with will allow for an individual property sale break. Feel free to reach out with any questions!

    Thanks, 

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  • Givo Aghasi
    Lender · Los Angeles, CA · Member since 2022 · 238 posts · 73 votes
    3y

    @Jared Born Blanket loans are doable but I agree with the other comments because many lenders do not do partial releases. It may make more sense to just refi them individually if loan amount is $75k+ per loan since the pricing and fees will be the same. 

    0Reply
  • Daniel B.
    Rental Property Investor · WA AL, FL · Member since 2021 · 28 posts · 46 votes
    3y

    Is the blanket DSCR loan similar to a HELOC or is this a multi-property refinance?

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  • Richard Scott Parsons
    Lender · CA · Member since 2023 · 5 posts · 0 votes
    3y

    There are private lenders who will cross collateralize your properties with one loan...look for a good local Private Lender

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