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All Forum Posts by: Karen Schimpf

Karen Schimpf has started 567 posts and replied 885 times.

Private Lending & Conventional Mortgage Advice

Post: 3 Property Blanket Loan Proposal

Karen Schimpf
Posted
  • Lender
  • Nat'l Commercial Mtg Lender - Round Rock, TX
  • Posts 909
  • Votes 235

Mike,

I agree with Kevin. Do not waste your time putting together what you think the lender wants. Ask the lender for a document checklist and their forms so you can give them exactly what they want.

0 Votes
Creative Real Estate Financing

Post: Lending without proof of income...

Karen Schimpf
Posted
  • Lender
  • Nat'l Commercial Mtg Lender - Round Rock, TX
  • Posts 909
  • Votes 235

My recommendation would be to buy commercial investment properties (5 units or more) Commercial loans do not use your income to qualify.

0 Votes
Multi-Family and Apartment Investing

Post: Should I take a blanket loan to fund my multi-family investment

Karen Schimpf
Posted
  • Lender
  • Nat'l Commercial Mtg Lender - Round Rock, TX
  • Posts 909
  • Votes 235

I agree with Johathan. Get some level of financing on all your properties. You run the risk of being a target for a lawsuit with your free and clear properties.

0 Votes
Questions About BiggerPockets & Official Site Announcements

Post: Are YOU using Gmail? Then Read This to Be Sure You Get the BiggerPockets Newsletter . . .

Karen Schimpf
Posted
  • Lender
  • Nat'l Commercial Mtg Lender - Round Rock, TX
  • Posts 909
  • Votes 235

Thank you Brandon.

0 Votes
Creative Real Estate Financing

Post: Blanket Loan or Other Scenario

Karen Schimpf
Posted
  • Lender
  • Nat'l Commercial Mtg Lender - Round Rock, TX
  • Posts 909
  • Votes 235

Blanket loans are back. The minimum number of properties in my blanket loan program are 5 properties. The minimum blanket loan amount is $500,000. The properties must be 90% occupied. Cash out is allowed.

1 Vote