Blanket Mortgage Options

[Charles Cooper]

Hello, I’m looking for options for a cash out refinance on some properties for my parents. They currently own 7-8 properties throughout California with enough equity in each of them to cash out and reinvest it. However when they spoke to their mortgage broker, the rates were around 6% for a 5/1 and 60% LTV for example since they have more than 4 investment properties the terms aren’t favorable. Is there any loan programs out there where they can take out a blanket mortgage on all the properties with favorable terms. Doesn’t make sense that an investor with more than 4 properties is capped out with favorable rates and terms. Investors must have access to other sources (institutional, commercial, etc) that can give them a mortgage. Maybe she’s just specialized in residential programs and not aware of programs for investors. Any ideas would be great. Thanks!