Blanket Loan for properties in GA
Hello BP Community,
My Situation is currently have 3 properties in the Douglasville GA area that have been rehabbed and 2 are rented and 3rd I am offering as Lease / Purchase. 2 out of the 3 where purchased with private $ (only Purchase Price) and the 3rd is debt free. All 3 purchased under my LLC. Want to package the 3 properties together as collateral. ( without an official appraisal its around $370K) 65-70% LTV is what I would be looking for. This would pay off current investors, better cash flow and help purchase future rentals. I am an out of state investor. Live in NY but do all my investing in GA. I have read other forums and I see that blanket loans aren't as common as before and local community banks are only ones offering. Being that I don't live in the Local Community, although I do invest, is that going to be a problem? What are some of the criteria / the do's and dont's about approaching a community bank? Is there any other refinancing options that would suit my needs? Any advise, articles, thoughts, previous forums help is much appreciated. Are there any lender's in the BP community that can assist? Thanks in Advance for any solutions.
Hello Steven,
Most community banks do no lend to out of state investors. I am aware of private equity lenders who offer blanket loans. Loans are based on credit, ltv and cash flow of the property - not your personal income or debts. How long have your owned the properties? Inbox me.