Blanket Loan - Posted by J

Posted by Shaun on January 25, 2006 at 15:45:31:

Where are the properties located?
What does your credit look like?
What is the cash-flow on them?
What does your employment scenario look like?

Blanket Loan - Posted by J

Posted by J on January 25, 2006 at 13:45:17:

Looking for a blanket loan on 22 properties for about 850k. LTV around 80%. Anyone know where to start?

Re: Blanket Loan - Posted by Arnold Gallay

Posted by Arnold Gallay on February 06, 2006 at 14:13:02:

February 6, 2006
J:
Combining loans on these investment properties may be possible. Several specific facts must be determined. In what name is each of the properties held, who is on mortgage, who on deeds? What is the most recent appraised value of each property? Where are they located? In several states, or just one? What is the borrower’s credit score? What are the individual LTV’s and the Aggregate for the loan you require? What are the current interest rates you are paying. Do you have a schedule of the rental income and the leases in place? Are you looking for cash out? Interest only? Neg Am ? 15 yr mortgage ? Please provide some details and I will be happy to respond asap. I can work with you to determine best way to approach this refinancing project and would love to do it with you.

This is EASY - Posted by Jimmy

Posted by Jimmy on January 26, 2006 at 07:56:32:

Assuming your credit profile is good, this should be easy. Talk to a business banker at one or more banks in your area (and not the home mortgage guys). All of the national banks do these type of commercial loans. Wells Fargo for sure. Washington Mutual. and so do the local banks.

I have 7 of these cross-collateralized loans in place now. I use Hibernia National, a regional bank based in New Orleans.

Do not expect to get a 30 year amortization. 15 is the norm. I closed a loan in November, and the rate was 6.8%. As recently as last March, the rate was 5.9%. but rates have risen.

good luck

Re: Blanket Loan - Posted by Scott Hadfield

Posted by Scott Hadfield on January 26, 2006 at 24:33:41:

First and foremost the properties must be held in the same entity or you are dead in the water. The equity is also a huge factor for the properties. I believe you can work with a blended equitized figure but you will push the envelope if the properties exceed 80% LTV/CLTV. Property locations and title chain also increase the dramatics of the deal. Let me know what you have worked out so far and maybe there are some options if you haven’t locked it up or lost it…

Re: Blanket Loan{ Ed Garcia- can you help?} - Posted by J

Posted by J on January 25, 2006 at 16:46:40:

Ed,

I know if anyone knows how to get something like this done its you, Id be happy to do a broker/broker agreement or however you want to structure it for your assiatance.

I believe they want to refi and get out of the HML and keep it in their corporate name, the problem is the corporation is only 3 months old, but Im sure they wont have an issue w/personally guaranting the loan.

The cash flow is very strong {about 19k gross income a month- fully occupied} Properties have all been renovated.

I’d be willing to do a broker/broker agreement I just want to get this deal done to establish a relationship with this investor, so Id be willing to share the fee to get the deal done.

Anyone please advise, asap, thanks.

Re: Blanket Loan - Posted by Patrick S. Lawson

Posted by Patrick S. Lawson on January 25, 2006 at 15:48:58:

If they are SFMS you are going to have a very tough time. Have you thought about using HELOCS?