Single Loan on Multiple Properties
I'm looking for BP's ideas and thoughts about the pros/cons of financing multiple properties under one commercial loan.
I hold one investment property in an LLC and I focus on sub $100k town homes so up until this point I have been able to purchase for cash. I have an opportunity to buy a few more units via short sale using either my own funds and/or hard money. I have always planned on getting a loan on the properties to increase return and free up capital and would rather get one loan as opposed to multiple. I have reached to some banker and they've told me to call them when I have the properties.
For the bankers out there: how common is it to make these loans and what requirements do you usually have? Is it a min loan amount or min property number? Also, how is the sale of one property handled?
For the borrowers: would you recommend doing a loan this way? Why or why not? If so, what do you wish you knew/did differently?
Any ideas or thoughts are appreciated!