Need Advice On A Blanket Loan Refinance
Hi BP!
I have 3 condos in San Diego that I'd like to refinance and take equity out of (to pay down debt). I estimate their combined value based on the current market to be around $900k.
The goal would be to extract max cash out. There is currently $428,000 in combined mortgage debt + a HELOC on the properties. The 3 condos are under-rented and cash flowing at about $1,800/month combined positive after all expenses today.
At 75% LTV... refinancing the condos alone (assuming a value of $900k) would put the cash out potential amount at $247k. I'm shooting for a 30 year fix loan w/ low interest rate.
My questions are as follows:
1) What is a typical interest rate that one could expect on a blanket loan similar to this one?
2) Do lenders typically allow cash out's ($247k seems like a big number) on blanket loans?
3) Who would be the best lender/entity to approach for this type of financing? Could I do it with a conventional lender using a 30 year fixed?
Anyways, I appreciate any insight/guidance you guys can offer. Thank you!