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.

anyone?

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.

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?

@Ryan Ball

 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.

@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.

@Magesh R.

Why not a fixed rate product with longer terms and lower interest rate? 

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.

@Miguel De La Riva Can you provide contact info? I have a few properties that it would be nice to bundle.

@Scott Dahl

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. 

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.