Cash Out Refinance under 50K Values (portfolio of 37 sfrs)

12 Replies | Allentown, Pennsylvania

@Dantonio Alvarez I am a mortgage broker in California. We have a lender that does blanket loans for investors that need financing for many homes at one time. You can pm me and I can give you an idea on rates and terms. 

I found a lender who will do just what you're asking. His name is Eric Veronica and works for First Federal Lakewood. Feel free to message me and I'll send you his contact info. I've refinanced two properties in Toledo that I acquired for around $35K each.

Be careful with blanket loans here. @Harvey Levin could expand a bit more on this as he has clients here in Indianapolis having a big problem with their blanket loans. 

hi a lot of the problems come up when it is time to sell your properties it can be very cumbersome and time-consuming depending on who your lender was. I have one client who would order to sell three out of his 11 properties he's required to pay back the initial appraised value Plus an additional 20% per property he pays off. Unfortunately for him he overpaid on the properties they would never renovated and are worth only about 20% of the initial aarv that was used by the lender in the evaluation. I have also have clients that had to pay very large bees if they did not pay off the entire loan all at the same time. It  can be a great product just make sure you read all the terms and conditions very carefully