Updated over 5 years ago on . Most recent reply
Accessing equity for down payments
We own four vacation rentals and a primary residence. We currently have a Heloc on one property. We have a good chunk of equity still after our current mortgages. What can we do to access the equity we have to find funds for our next down payments? We live in Colorado with properties in Winter Park, Estes Park, and Steamboat Springs, with our primary in Denver metro, and one other property in Kissimmee FL. Thanks for any input!
Most Popular Reply
You may want to look into a Blanket Mortgage from a commercial lender (small town bank may be your best bet). A blanket mortgage is a type of loan that finances more than one property at the same time. These loans usually allow you to access more equity than stand-alone mortgages across multiple units at the same time. Blanket mortgages are custom built to each situation so it's worth calling up your local commercial lender and asking.