Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$39.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax Liens & Mortgage Notes
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

User Stats

5
Posts
0
Votes
Chris Anderson
0
Votes |
5
Posts

Can I borrow against a portfolio of second position mortgages

Chris Anderson
Posted

My wife owns a portfolio of 2nd position mortgages we are looking to leverage.  Here is the story:


We sold a portfolio of rentals to a single buyer and part of the deal is we held back a 10% mortgage.  He still put down 15% on top of the 1st and 2nd position mortgages.  So initially there was at lease 15% equity and on some the appraisals came back higher so there is even more equity.  Two years has passed and all the properties are worth even more now.  

We have several business and are looking to borrow against these mortgages.  The portfolio has a face value of around $800k.  We would like to use it as collateral for a loan of about $250k.  Does anyone know a lender who would do this.  The payments from the mortgage would cover a loan of this size as 12% interest.  


thoughts?  Know anyone who might be able to help?

Chris

 

Loading replies...