We have 9 Properties in Los Angeles, CA where the total value - (Estimated here - not appraised value) is around $40 million.
We have outstanding debt of $10.635.000 and they are all with different banks. mix of multifamily, commercial, and single family.
Now I want to get a blanket loan to put everything under one loan... 1 payment to 1 bank.. and take out Equity to make a couple large moves... now -does anyone have experience with a blanket loan and would they recommend this? pros/cons ? can i pull out 60% equity cash out from the total appraised Value? this would make for a nice amount of cash in hand....
Do i need to pay all appraisals upfront? or is there a way to get the appraisal costs from the closing end from the loan to limit my initial out of pocket expense...
thanks in advance.
Ben- this type of situation is something we see often. With this size of a deal we may be able to reduce your out-of-pocket expenses. I'll private message you.
i am interested as well
Just remember if you are on a buy and hold that it will be a good amount of money that you will have to come up with/lose if you need to take one of the properties out from under the umbrella.
We've done this a lot on houses and what not, although not in that size (biggest we've done is $1.5 million). A lot of banks are willing to do it, although probably fewer at that size. You can almost certainly pay the appraisal fees at closing. Just make sure to ask for separate releases so you can sell or refinance one property without calling the entire loan due.