I’m looking at buying a 5 property package in Philadelphia. One is $210K and the other 4 are between 50-75K. Having trouble finding lender for the cheaper houses. This includes two duplexes so 7 total units. I assumed looking for portfolio lender/blanket mortgage would be the way to go but as I read through forums, I’m wondering if it would make sense to just finance each one thru conventional mortgages. I have 3 other invest properties with mortgages so I figured the asset based loan that doesn’t report to credit would be the way to go as I look to ramp up the rental units. Thoughts?
The two lenders I’ve spoken with recently will do bundles of houses, but will not do mortgages on properties with a value under $100k. You may want to seek the small, local lender or a local credit union.
You would get the best rates and terms with conventional financing. You can go up to 10 financed properties, the issue I forsee is financing the properties under $50k loan amount.