Financing more than 10 properties
All,
I'm looking for a little assistance on several questions related to financing.
I am approaching the limit of 10 financed properties (under traditional loan programs), and looking for recommendations on how to finance #11.
Consolidation of the portfolio and paying off a mortgage is my last resort, as these are short-term solutions to a larger roadblock. Also I understand private money is an option, but this comes with a rate hike. Ideally I'm looking for a < 5% IR on a 15yr fixed. If 15yr fixed is not viable, I am open to shorter terms, or an ARM.
I have excellent credit, 35-40% Debt to Income (including mortgages), and am buying and holding properties long-term (no flipping).
Also, I have an LLC and business credit card so obviously would like to eventually start building the credit of the business.
Options I've Already Explored
- several national banks
- MACU and American Family
- Zions Bank
- local mortgage broker in St. George
Thanks for your assistance.
James