Blanket loans for out of state investor
10 Replies
Magesh R.
Investor from Bradenton, Florida
posted almost 4 years ago
What is the best way to go about finding banks which would do a blanket loan for an out of state investor? I am in touch with banks in Ohio that have good terms but unfortunately they don't deal with out of state investors. I live in NY and invest in Ohio.
Magesh R.
Investor from Bradenton, Florida
replied almost 4 years ago
anyone?
Ryan Ball
Rental Property Investor from Chicago, IL
replied almost 4 years ago
I am also out of state and investing in Ohio (Cincinnati). I got a proposal from Park National Bank for blanket mortgage via a broker I have done a couple mortgages with. 3 or 5 ARM with a 20 yr term & amortization. I would like to find a bank that would do a 30 yr amortization but have not been able to. B2R and First Key are two other options I have looked at.
Magesh R.
Investor from Bradenton, Florida
replied almost 4 years ago
Originally posted by @Ryan Ball :
I am also out of state and investing in Ohio (Cincinnati). I got a proposal from Park National Bank for blanket mortgage via a broker I have done a couple mortgages with. 3 or 5 ARM with a 20 yr term & amortization. I would like to find a bank that would do a 30 yr amortization but have not been able to. B2R and First Key are two other options I have looked at.
Thank you for the info Ryan.
What is the rate and downpayment requirement for Park National Bank?
Darrin Carey
Lender from Dayton, Ohio
replied almost 4 years ago
and @Magesh R.
What you're finding is pretty typical. I'm building a small commercial mortgage brokerage in Dayton and Cincinnati. I'm talking to a LOT of lenders as I filter them out to find the good ones for investors. I'm not looking at Fannie, Freddie, FHA or VA loans, you can do alright with those on your first few properties. Heres what I've found on the commercial side so far for Buy and Hold investors.
All want 20-25% Downpayment or Equity
- 30 year amortization, fixed rate, no balloon, out of state. NO LENDERS
- 30 year amortization, fixed rate, no balloon, in bank footprint. MAYBE LENDERS, but high qualifications.
- 20 year amortization, fixed rate, no balloon, out of state. MAYBE LENDERS, if experienced investor. current rate 1-1.5% above 5/5 ARM
- 20 year amortization, variable rate, no balloon, 5/5 ARM is fairly common. currently in the high 4% to 5% range.
Ryan Ball
Rental Property Investor from Chicago, IL
replied almost 4 years ago
@Darrin Carey - That has been my exact experience. I have not found too many local banks who will deal with out of state investors on just a straight investment property (1-4 units) mortgage much less a blanket mortgage. I actually submitted info to First Key yesterday to see what options they have for a blanket mortgage.
Jerry Padilla
Lender from Rochester, NY
replied almost 4 years ago
Why not a fixed rate product with longer terms and lower interest rate?
Miguel De La Riva
from Austin, Texas
replied almost 4 years ago
We offer 30 year fixed, no prepay penalty, portfolio blanket loans. I have seen a couple of portfolios from Ohio come across my desk, but I was unable to extend a loan offer because the properties did not meet our $50K minimum value criteria. Our minimum loan amount is $500K and the portfolio must include a minimum of 5 SFR properties.
Scott Dahl
Investor from Portland, Oregon
replied over 3 years ago
@Miguel De La Riva Can you provide contact info? I have a few properties that it would be nice to bundle.
Eric Kang
Investor from Los Angeles, California
replied about 3 years ago
Hi Scott, we offer blanket loans nationwide.
You can give me a call or send me an email and I can help you get the right loan product for you.
Max Matrin
from Montgomery, Alabama
replied about 3 years ago
Can you please send me more information on your blanket loan programs? I have 3 clients that I am working with that either are looking to purchase bulk properties or have bulk properties and they are looking to do a cash out refinance.
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