Posted by tom baron on October 13, 2002 at 13:22:33:
I would like to no more about the blanket mortgage.
I have a chance to buy 4-4 family units all on differant deeds all next door to each other. Price $97,500 each unit built in 93,94,95,96 owner will not hold anythig can you help
Buying someones portfolio. Can it be done? - Posted by Jac
Posted by Jac on October 12, 2002 at 24:23:36:
have a seller that called me and asked if I would be interested in buying all of his property? I looked them over and they have a good history and I can get them for payoff.1 property is 80% LTV, the others are even better. There are a total of 7 houses on 6 seperate deeds. purchase price is $240,000. If I get them for this price there will be approx. $75,000 in equity. question is this: is there a lender out there that would finance this deal with 1 contract and possibly get the full price financed? If it helps the seller will carry a 2nd up to 10%.Property in West Virginia.
Re: Buying someones portfolio. Can it be done? - Posted by Patrick
Posted by Patrick on October 13, 2002 at 04:37:16:
Yes definately. Most lenders do NOT do these Blanket Type loans anymore, but we have a private sources that wuill do them and are very flexible. Note, these are NOT wraparound deals but true blanket loans.