Rental Property Investor · Sylva, NC · Member since 2019 · 37 posts · 26 votes
Looking for options to finance 8-10 single family long term rentals from an individual. Total purchase price of around $550k. Properties appraise for around $625k. I can put 25% down but a large portion of that is from a HELOC. Properties are in NC. 740+ beacon, $100k+ W2 job(15 years). I am open to a short term loan so I can increase rents or a 30y fixed(preferred). One lender loved the deal except a couple of the properties had a sales price under $60k and they didn't like the HELOC down payment. Any suggestions on lenders that might do this? Thanks.
Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
7y
And the seller isn't willing to carry back any of the debt? It may be hard to get a loan where the down payment is also borrowed as you don't technically have any skin in the game (or not much)
Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
7y
I have spent a lot of time gathering lenders from BP posts. I was searching for the terms: aggregate or blanket.
Here are the few that say they do aggregate or blanket type mortgages: Upen Patel can do a blanket at Federal Savings Bank. Dayton Capital, FOAC bundles 7+, Corevest or Colony American bundles 5+, Visio 3 to 7 in a bundle, Conventus, and Mofin will bundle.
Rental Property Investor · Sylva, NC · Member since 2019 · 37 posts · 26 votes
7y
25% cash down issue solved, now what are my options? Issue I have run into is that several of the properties are around $60k sales price and my total loan is less than $500k. Both of these have been deal breakers with several companies.