Refinancing Portfolio Into Blanket Loan & Equity Line of Credit

[Jason H.]

Hey All,

Currently I am holding 6 conventional loans and would like to combine 5-6 of the notes into one refinanced blanket/portfolio loan. My objectives are:

1. Hold less notes, so I can finance more properties conventionally. 

2. Reduce the number of notes, so I can obtain investment loans at 20% down, rather than 25% down

3. Free up funds for down payments either through a cash out refi or investment property equity line of credit. 

Questions

1. Does anyone have experience combining notes into a blanket loan effectively? If so, what type of bank did you go through and did you run into any issues

2. Is it possible to get an investment property line of credit without any of the properties being my primary residence? 

Any suggestions and or feedback is greatly appreciated. 

Thank You,

Jason

[Chris Mason]

Hi @Jason H.,

That sounds to me like, if you wanted, you could stay in the 30 year fixed residential world and consolidate 6 down to 3 or 4.

For financed properties 5 and 6, there is no extra 5% down payment required for multi-family properties, though individual lenders may have overlays stating otherwise. 

So that would give you two or three more properties of runway.