Blanket loans and FNM 'financed properties'

4 Replies

Does anybody know if FNM count properties financed with a blanket loan against the FNM limit of 4/10 (4 for cash out refi, 10 total financed)?

Does anybody have any experience with B2R and their blanket loan?

Yes, it's the number of Properties mortgaged, Not the number of Mortgages.

Disclaimer:  I work at B2R.

Some would say that if it is in an entity (which B2R Loans are) then it would not apply.  It is really a grey area.

Tim,

Many thanks for the prompt reply.

So if the properties in a LLC, FNM may not count them? Does the LLC have to be formed as an S type or general partnership?

I actually believe the fannie mae guideline is very clear. If the blanket loan is in a corporation then it would not count against the fannie mae limit. If its in your personal OR an LLC, then it would.

I believe they recently made that change to where an LLC owned/mortgaged property now counts toward the limit.

There are always some banks that have their own overlays.

But I can definitely say that if you were to put all your properties into a blanket loan under an S Corporation, then they would not count against your Fannie Mae limit (i've done several). If they were in an LLC or your personal name, then they would count against the limit (every property in the blanket loan would count as one).

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