I'm interested in learning how to and if it is wise to try and find an investor or group of investors interested in bundling all my properties (all under 80% LTV) under their umbrella. I want to get my current properties out from under the several different bank notes and under one roof. Any and all advice is appreciated! Thanks!
Why? Any sort of investors or group are almost certainly going to be at a much higher interest rate than banks. A few banks will do "blanket loans" for multiple properties. Again, though, at higher rates than individual properties. Unlikely you'll find any lending that will be at a better rate than banks. If you do get a blanket loan be sure you can do partial releases on individual properties. Otherwise you're stuck paying off the entire loan if you want to sell one.
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@Jon Holdman I have two loans that are on 1 Year notes and 4 loans on 3 year notes and thought it may be worthwhile to see what a private investor could do for me. What are your thoughts? The properties are doing well on cash flow but on the most recent loan I'm looking at a 6.8% interest rate. I'm just weighing options and looking at best practices. Thanks!
@Jay Hinrichs Thanks for the reply!
Sorry, but if you're looking for specific lenders you'll need to post in the Marketplace.
Private lenders are going to be in the high single digits for interest rates. Banks are now around 5% +/- for 30 year fixed conventional NOO loans. That's your cheapest source for money, as long as you qualify. Once you exceed conventional limits, a portfolio lender will be slightly higher and have shorter terms, such as 15 year fixed or ARMs. That's still your cheapest source.
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