Blanket/portfolio loan - Cash out refi

Akron, Ohio
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Blanket/portfolio loan - Cash out refi

Shawn Green
Rental Property Investor · Massillon, OH · Member since 2019 · 11 posts · 3 votes

Hello all, my current portfolio is 6 single family, 1 duplex, and 1 triplex.  I’m looking for a lender in Ohio (open to other locations as well) that will possibly do a blanket/portfolio cash out refi covering all these properties in a 30 year fixed rate. 

Has anyone done something similar and have lender suggestions? Possibly a Non QM lender? 

I’m open to all advice and strategies that may fit here. Thanks in advance. 

Shawn 

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Joshua D.
Los Angeles, CA · Member since 2017 · 27 posts · 18 votes
4y

@Shawn Green I'm doing a similar loan now with 11 sfr's... I had to do a lot of research because many lenders have limits on the property value they'll finance... They will underwrite based on rents v appraised values.. and the loan must meet 1.15 DSCR I believe. (which is pretty easy to do in Ohio, if your properties are Akron or similar) Rentalhomefinancing.com Doug

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  • Andrew PostellPro Member
    Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
    4y

    @Shawn Green thanks for posting.  All blanket loans are non-QM loans.  However, I have never seen a 30 year, fixed rate blanket loan.  There's over 8,000 lenders in the US...so is it possible that one exists...I guess so.  But most are 20 year, adjustable rate loans. Many are even 15 year adjustable.  Which is why we don't really use that product until we are at something like 20 properties or so.  Because the "one loan per property" provide us with better terms and early in our careers we need those better terms.  Once we have tons of properties, then I can absorb some "different" loan types easier.  Also, if you do find one that fits what you are looking for make sure to ask about their "release clause"...which is the clause that will penalize you if you ever sell 1 property from the blanket.  Hope all of this makes sense.

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  • Shawn Green
    OP
    Rental Property Investor · Massillon, OH · Member since 2019 · 11 posts · 3 votes
    4y

    Thanks Andrew and yes it does make sense and thank you. 

    I’ve talked briefly with 2 lenders that say they can do a cash out refi into a 30 year fixed. I haven’t got the numbers yet from one lender and the other seems high in fees and wanting me to pay down interest rate in points. The same company said it would be $800 out of pocket for each property appraisal.

    This is new territory for me so thought I would dive in on the forums here.

    0Reply
  • Elyse Simpson
    Lender · Joliet, IL · Member since 2021 · 33 posts · 7 votes
    4y

    Hi, Shawn! I'm sending you a message!

    0Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    4y
    Quote from @Shawn Green:

    Hello all, my current portfolio is 6 single family, 1 duplex, and 1 triplex.  I’m looking for a lender in Ohio (open to other locations as well) that will possibly do a blanket/portfolio cash out refi covering all these properties in a 30 year fixed rate. 

    Has anyone done something similar and have lender suggestions? Possibly a Non QM lender? 

    I’m open to all advice and strategies that may fit here. Thanks in advance. 

    Shawn 


     I have a list of commercial lenders in Ohio that I can refer to you

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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    0Reply
  • Joshua D.
    Los Angeles, CA · Member since 2017 · 27 posts · 18 votes
    4y

    @Shawn Green I'm doing a similar loan now with 11 sfr's... I had to do a lot of research because many lenders have limits on the property value they'll finance... They will underwrite based on rents v appraised values.. and the loan must meet 1.15 DSCR I believe. (which is pretty easy to do in Ohio, if your properties are Akron or similar) Rentalhomefinancing.com Doug

    1Reply
  • Joshua D.
    Los Angeles, CA · Member since 2017 · 27 posts · 18 votes
    4y

    Hopefully they help, you may be forced to pay it down to a decent rate at this point though - I think everyone's anticipating an increase from the fed.

    0Reply
  • Shawn Green
    OP
    Rental Property Investor · Massillon, OH · Member since 2019 · 11 posts · 3 votes
    4y

    I’ll definitely reach out to them. Thank you very much. I appreciate it. 

    0Reply
  • Todd Rasmussen
    Rental Property Investor · Clarksville, TN · Member since 2016 · 1k+ posts · 1k+ votes
    4y
    Quote from @Shawn Green:

    Hello all, my current portfolio is 6 single family, 1 duplex, and 1 triplex.  I’m looking for a lender in Ohio (open to other locations as well) that will possibly do a blanket/portfolio cash out refi covering all these properties in a 30 year fixed rate. 

    Has anyone done something similar and have lender suggestions? Possibly a Non QM lender? 

    I’m open to all advice and strategies that may fit here. Thanks in advance. 

    Shawn 


     We are in underwriting with Lending One for something similar. Expensive, but fixed 30 year loan seemed like the right move for us too.

    0Reply
  • Nick BelskyBusiness Member
    Lender · Orlando, FL · Member since 2021 · 1k+ posts · 704 votes
    4y

    @Shawn Green

    There are plenty of lenders out there that will do this.  You just have to find the right one where your scenario fits best.

    Cheers!

    [email protected]
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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    5d

    Hey Shawn,

    There are plenty of DSCR lenders that offer portfolio lending. Happy to connect

    [email protected]818-269-7983
    LuxePrivate Investments LLC 570 Reviews
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  • Ryan BakerBusiness Member
    Lender · Strongsville / Cleveland, OH · Member since 2026 · 83 posts · 16 votes
    3d

    Shawn, with 8 units across single family, a duplex and a triplex, a blanket or portfolio cash-out refi is very doable, but a true 30 year fixed blanket is the hard part and usually comes with higher pricing and a release clause if you ever sell one property. Many investors instead do a DSCR portfolio loan or individual DSCR refis, which can be cleaner if you want flexibility, so it's worth comparing both side by side.

    I'm a lender based in Northeast Ohio (Strongsville) doing investor loans like DSCR, fix and flip, bridge and multifamily, and I also have a local construction and property management team. Since your properties are around the Akron area, rents versus values should underwrite well.

    Happy to walk through the numbers on a quick call, my direct line and email are on my profile.

    (Drafted with AI assistance.)

    [email protected]330-548-3340
    0Reply
  • Mike Klarman
    Specialist · NJ · Member since 2022 · 1k+ posts · 661 votes
    1d

    Hi shawn, I have done many portfolio loans. Just so you know, once you wrap these properties together then you will receive a penalty if you break the loan.

    The process is extensive depending on how many properties. I'd be happy to look at the scenario for you and give you my thoughts on pricing, processing, and timeline.

    0Reply
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