All
Members
Companies
Blog
Forums
Podcast
Webinars
    User Log in  /  Sign up
  • Start here
  • Education
    Forums

    Learn from and contribute to 659K+ real estate discussions

    BiggerPockets Podcast

    Listen to weekly interviews with investors & entrepreneurs

    BiggerPockets Blog

    Delve into 8,800+ articles by experienced investors

    Member Blogs

    Read original articles by BiggerPockets members

    Guides

    Master the ins and outs of fundamental real estate topics

    The Money Show

    Listen to weekly interviews that will help get your financial house in order

    Webinars

    Sign up for this week's free webinars hosted by experienced investors or view previously-held webinar recordings in the Archives

    Videos

    Browse our library of real estate related video content

    Free Course

    Experience The Financial Independence Blueprint video series - a free four-part video series

    Topics
    Property Management Property Types Finance Strategy Finding Deals Business Operations
  • Network
    Members

    Search over 1,270,000 members across BiggerPockets

    Companies

    Explore over 31,000 real estate-related companies

    Real Estate Agents

    Find an investor-friendly agent near you

    Hard Money Lenders

    Pinpoint lenders near you with our nationwide database

    Events

    Find upcoming real estate events and meetups near you

    Jobs

    Browse real estate job opportunities in your area

  • Tools

    Calculators

    • Fix and Flip
    • Rental Property
    • BRRRR
    • Rehab Estimator
    • Wholesaling
    • Mortgage Payment
    • 70% Rule
    • Airbnb Calculator

    Services

    Find a Contractor Get a Mortgage Loan Tenant Screening External Link

    Additional Tools

    FilePlace

    Download presentations, spreadsheets, contracts & more

    REI Resources

    Dig into thousands of curated real estate tools & resources

    Calculators
  • Marketplace
    Properties For Sale

    Buy and sell real estate deals or seek out partners, financing, etc.

    Find Foreclosures External Link

    Search this comprehensive database of nationwide foreclosures

    Ads, Jobs, and Other

    Advertise your real estate business, deals, financing & more

  • Bookstore

    Featured Book

    Recession-Proof Real Estate Investing book cover

    Recession-Proof Real Estate Investing

    This easy-to-follow guide will show you how to make money during all of the market’s twists and turns! Accomplished investor J Scott dives into the theory of economic cycles and the real-world strategies for harnessing them to your advantage.

    Get the book now

    Real Estate Books

    • Flipping and Estimating Bundle
    • How to Invest in Real Estate
    • How to Sell Your Home
    • See All Books
    Real Estate Books

    Shop books covering real estate investing and personal finance.

    Lease Agreement Package New

    Don't spend $1,000 on a lawyer!

    Real Estate Forms

    Lease Agreement Package New

    Don't spend $1,000 on a lawyer!

  • Plans
Log In Sign up
User
Quick search links
Podcast Hard Money Lenders Books Washington
ForumsArrowPrivate Lending & Conventional Mortgage AdviceArrowBlanket loans for out of state investor
  • Newest Posts Arrow Down Light
    • Newest Posts
    • Unanswered Discussions
  • Trending Arrow Down Light
    • Top Discussions
    • Trending Discussions
  • Loans & Credit Arrow Down Light
    • Local Real Estate Forums

      Real Estate Forums near you

      • New York City Real Estate Forum 1.3K Posts 191 Discussions
      • Norfolk Real Estate Forum 350 Posts 35 Discussions
      • Norwalk Real Estate Forum 7 Posts -1 Discussions
      • Allentown Real Estate Forum 355 Posts 51 Discussions

      View all Local Real Estate forums

    • General Info
      • BiggerPockets Exclusive PRO Area 16K Posts 3.0K Discussions
      • Real Estate Success Stories 77K Posts 3.7K Discussions
      • New Member Introductions 488K Posts 56K Discussions
      • Real Estate Not-So-Successful Stories 523 Posts 41 Discussions
      • BiggerPockets Summer Reading List 92 Posts 14 Discussions
      • Real Estate Quizzes 696 Posts 21 Discussions
      • BiggerPockets Money Podcast 675 Posts 50 Discussions
      • FAQ Forum 132 Posts 9 Discussions
      • BiggerPockets Webinar Discussion Forum 459 Posts 15 Discussions
      • Questions About BiggerPockets and Official Site Announcements 42K Posts 4.1K Discussions
    • General Real Estate
      • Buying & Selling Real Estate Discussion 423K Posts 58K Discussions
      • Renters Discussion 44K Posts 5.1K Discussions
      • Completed Deal Diaries 5.7K Posts 2.0K Discussions
      • Construction & Remodeling Diaries 6.1K Posts 1.0K Discussions
      • Investor Deal Diaries 17K Posts 862 Discussions
      • Military Investing 5.4K Posts 531 Discussions
      • Do it Yourself 32K Posts 3.5K Discussions
      • Get Foreclosure Help - Stop Foreclosure Forum 6.6K Posts 910 Discussions
      • Home Owner Association (HOA) Issues & Problems Forum 6.2K Posts 910 Discussions
    • Reviews & Feedback
      • Ask About A Real Estate Company 24K Posts 2.7K Discussions
      • Real Estate Deal Analysis and Advice 131K Posts 18K Discussions
      • Real Estate Guru, Book & Course Reviews and Discussions 28K Posts 2.9K Discussions
    • Investor Basics
      • Real Estate Investor Marketing Help & Advice 46K Posts 6.5K Discussions
      • Starting Out 290K Posts 41K Discussions
      • General Real Estate Investing 144K Posts 19K Discussions
      • Investor Psychology 21K Posts 1.6K Discussions
    • Landlord & Tenant Forums
      • Landlord Forums & Rental Property Questions 358K Posts 39K Discussions
      • Mobile Homes & Mobile Home Park Investing 19K Posts 2.3K Discussions
    • Foreclosures
      • General Foreclosure & Pre-Foreclosure Forums 33K Posts 5.2K Discussions
      • REOs 17K Posts 2.2K Discussions
      • Short Sales Questions 17K Posts 2.1K Discussions
      • HUD, VA, and Tax Sales 10K Posts 1.5K Discussions
    • Real Estate Strategies
      • Rehabbing and House Flipping 110K Posts 13K Discussions
      • Short-Term and Vacation Rental Discussion 22K Posts 2.0K Discussions
      • Tax Liens, Notes, Paper, & Cash Flows Discussion 34K Posts 3.9K Discussions
      • Rent to Own a.k.a. Lease Purchase, Lease Options 15K Posts 2.3K Discussions
      • Real Estate Development & New Home Construction 19K Posts 2.6K Discussions
      • Innovative Strategies 27K Posts 3.4K Discussions
      • Real Estate Wholesaling Questions & Answers 137K Posts 18K Discussions
      • 1031 Exchanges 8.7K Posts 1.4K Discussions
    • Commercial Real Estate
      • Commercial Real Estate Investing Forum 36K Posts 4.8K Discussions
      • Multi-Family and Apartment Investing Forums 96K Posts 10K Discussions
    • Business Basics
      • Goals, Business Plans & Entities 25K Posts 3.5K Discussions
    • Real Estate Technology and the Internet
      • Real Estate Technology, Social Media & Blogging 16K Posts 2.3K Discussions
    • Loans, Mortgages, Credit Lines
      • Private Lending & Conventional Mortgage Advice 105K Posts 14K Discussions
      • Real Estate Crowdfunding Forums 5.6K Posts 384 Discussions
      • Creative Real Estate Financing Forum 50K Posts 7.5K Discussions
    • Financial, Tax, and Legal
      • Personal Finance Forum 18K Posts 2.0K Discussions
      • Property Insurance Questions & Discussions 11K Posts 1.8K Discussions
      • Tax, Legal Issues, Contracts, Self-Directed IRA 100K Posts 15K Discussions
    • Real Estate Professionals
      • Bankers, Lenders, and Mortgage Brokers 12K Posts 1.9K Discussions
      • Real Estate Agent Forums 47K Posts 7.0K Discussions
      • Contractors 18K Posts 3.7K Discussions
    • Real Estate Marketplace
      • Real Estate Events and Happenings 57K Posts 12K Discussions
      • Marketplace 227K Posts 88K Discussions
    • Off Topic
      • Housing News & Real Estate Market Discussions 15K Posts 1.8K Discussions
      • BiggerPockets Real Estate Investing Summit 2.0K Posts 107 Discussions
      • Off-Topic 43K Posts 5.3K Discussions
Start a Discussion

Blanket loans for out of state investor

10 Replies

  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
Rotate Log in or sign up to reply
  • 1
Magesh R.
  • 60 posts
  • 5 votes

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.
  • 60 posts
  • 5 votes

Magesh R.
Investor from Bradenton, Florida

replied almost 4 years ago

anyone?

Ryan Ball
  • 100 posts
  • 40 votes

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.
  • 60 posts
  • 5 votes

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
  • 1.2K posts
  • 571 votes

Darrin Carey
Lender from Dayton, Ohio

replied almost 4 years ago

@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.
Ryan Ball
  • 100 posts
  • 40 votes

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
  • 2.4K posts
  • 937 votes

Jerry Padilla
Lender from Rochester, NY

replied almost 4 years ago

@Magesh R.

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

Miguel De La Riva
  • 1 posts
  • 0 votes

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
  • 13 posts
  • 1 votes

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
  • 100 posts
  • 13 votes

Eric Kang
Investor from Los Angeles, California

replied about 3 years ago

@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. 

Max Matrin
  • 109 posts
  • 8 votes

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.

  • 1

Top Contributors

Chris Mason
Chris Mason
Oakland, CA
7.66
Score
Jay Hinrichs
Jay Hinrichs
Lake Oswego OR Summerlin, NV
6.95
Score
Kyle J.
Kyle J.
Northern, CA
5.29
Score
Eric Veronica
Eric Veronica
Toledo, OH
4.67
Score
Jeff S.
Jeff S.
Los Angeles, CA
3.96
Score

Trending Discussions

  • California to make "Solar "mandatory for new Homes!!!!!!
    128 Replies
  • Average Net Cash Flow ? (Per door)
    35 Replies
  • Listing price: reduce or be patient!
    35 Replies
  • How many of you have bought a note this year ?
    80 Replies
  • HELOC appraisals - why so low?
    22 Replies
Close Thin

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here

Already have an account? Click here to log in

Log in Sign up

Log in

Forgot password?

If you signed up for BiggerPockets via Facebook, you can log in with just one click!

Log in with Facebook

Let's get started

We just need a few details to get you set up and ready to go!

Use your real name

Use at least 8 characters. Using a phrase of random words (like: paper Dog team blue) is secure and easy to remember.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.

Why create an account?

Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing.

Connect with 1,000,000+ real estate investors!

Find local real estate meetups and events in your area.

Start analyzing real estate properties, we do the math for you.

It's free!

Explore

  • Membership
  • Community
  • Education
  • Marketplace
  • Tools
  • Perks
  • iOS App
  • Android App

Company

  • About Us
  • Press
  • Advertising
  • Careers
  • Stats
  • Contact Us

Important

  • Terms of Use
  • Rules
  • Privacy
  • FAQ

Social

  • Facebook
  • Twitter
  • Google+
  • YouTube
  • Instagram
© 2004-2019 BiggerPockets, LLC. All Rights Reserved.