I’m evaluating a cluster of properties (10 units for one deal) and 26 units for the other. I already have 6 mortgages and starting to run into the 10 mortgages cap limit with traditional lenders. Is commercial loan the only way forward here? Would appreciate some advise from the more advanced investors here. Thank you
I will also add they are all single family and duplexes so not a 10 unit and a 26 unit multi family
If you are married, you can have 10 loans in your name and 10 in your spouse's name. Otherwise a bank loan, aka commercial loan, aka portfolio loan would probably be the best way to go.
A portfolio loan will be the way to go.
The nice thing about this is that you can go and get a portfolio loan and then start acquiring them again via a conventional loan until you hit the max again. And then just repeat the process over and over.
@Michael Glist Michael - thank you for the feedback. Do you have a lender or two you recommend who I can talk to? Thank you
@Khaled El Dorry - Consolidate them into commercial mortgages and restart. Or continue with commercial mortgages from here.
Ask for a banks commercial department to get with someone who can talk with you about it