I'm seeking a blanket/portfolio loan for 9 properties in OH with average pp around 42k and total purchase price of 380k.
Does anyone know of a local bank or otherwise that will fund something like this?
@Katie Sorensen if you were looking in Pittsburgh you can find similar deals in that price range. I could help you find financing here but not sure about Ohio. reach out to local banks and mortgage brokers. Also have all of your financials in super organized order. banks like to see that from their borrowers.
Best bet is working with a small local bank. I’ve done many blankets
Mayer- just start calling and asking a bunch?
Yes. Call local small banks and speak with their commercial lending manager
This is a tough one because you live out of state from where the properties are located and most local lenders do not lend to out of state investors. Second issue is average price per property is low. Are they turn-key or could you acquire with hard money and rehab the portfolio which could potentially increase the overall value of the portfolio, and if so, assuming the rehab created enough equity, refinance and get your original down payment funds back to use towards the next project. All of this assuming the rehab would boost the average property to a value of at least $50,000 - make sense?
Thanks for the input, Bob. All true points. They all have tenants in place, may need some renovation but not a lot. I am
Buying with equity in place and if I were buying at market value, they’d have a 50k per door average - can I do anything with that?
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