Real Estate Investor · London · Member since 2008 · 3k+ posts · 74 votes
19y
Your post is not clear. It also reads close to another post you made in a different thread.
4 units and less are residential. Simple as that. If you want a blanket loan it can be done if you are putting together multiple properties with one loan. SFR up to 4 plexes will work if the lender wants to do the deal.
Scott has already replied to your other post. The program he is talking about fits the description based on what you have written.
Most lenders who offer a blanket loan are doing so from the commercial side of the business and they expect the properties to fit the standard commercial terms. DSCR is a critical factor and will generally blow out a lot of deals that are 1-4 unit residential pooled together. If the LTV is low or the cash flow is high for some other reason then you can get the DSCR to work.
20 to 25 year term, higher interest rate, likely to have a rate reset or a balloon before you reach full term are some of the other normal conditions to a commercial loan.
Check with First Horizon... they have programs to refinance one day on title using the appraised value, even some HELOC programs to .pull cash out. Rates are high, but so is the risk. Citi will allow some of the same products. they may be limited to the conforming loan limits as of this week though.
Real Estate Lender · Member since 2008 · 642 posts · 13 votes
18y
Not the topic at hand---the OP is seeking a loan program that will base the LTV on the appraised value (when the purchase price is lower) on a purchase transaction...
Like I said, it doesn't exist.
Regards,
Scott Miller
Originally posted by "tmillington":
Check with First Horizon... they have programs to refinance one day on title using the appraised value, even some HELOC programs to .pull cash out. Rates are high, but so is the risk. Citi will allow some of the same products. they may be limited to the conforming loan limits as of this week though.