Looking to acquire 10 properties at the same time

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We own several properties in Chicago and are currently looking to acquire some properties from investors selling off their portfolios. One we are talking to is looking to sell 10 of his properties (approx. $70k each.) Will mortgage brokers be able to get 7-10 mortgages at once? Is there a better way to finance these purchases?

Thanks

Many should be able to help you with up to 10 financed properties (including what you currently own if they're financed). At that small loan amount, it will be difficult to find a blanket loan over all of them, so they'll have to be individual loans. 

After 10 financed properties, you'll have to look into hard money, or portfolios who'll do the smaller loan amounts. 

Have you asked the seller about financing them?  

If that doesn't work I'm sure there are some portfolio lenders in the area which may be able to take out some if not all of the properties.  

It's probably worth  your money to get pro/plus membership and advertise for a portfolio lender in Chicago in the BP marketplace.  

In my world, it will actually be easier to get a blanket loan across all of them instead of individual loans for each property.

My company would lend on four properties for one person at one time, less than that for a new client.  Each loan must be individually insured and have the ability to be released at the time of sale.  I would talk moer to @Neil Aggarwal about a blanket loan if his company can do that for you.

Medium spf jpegDarren Eady, Secure Private Funding | [email protected] | http://www.secureprivatefunding.com

Originally posted by @Josh M. :

We own several properties in Chicago and are currently looking to acquire some properties from investors selling off their portfolios. One we are talking to is looking to sell 10 of his properties (approx. $70k each.) Will mortgage brokers be able to get 7-10 mortgages at once? Is there a better way to finance these purchases?

Thanks

 Have you considered commercial?  If the properties are preforming and you have a track record it would be pretty easy

Medium second city real estate logo   white close upBrie Schmidt, Second City Real Estate | [email protected] | http://www.SecondCity-RE.com | IL Agent # 471.018287, WI Agent # 57846-90 | Podcast Guest on Show #132