Posted by Mike Pine on March 04, 2003 at 18:57:47:
Kathleen,
I am in NY and would be glad to work with you.
Mike Pine
Michael_Pine@yahoo.com
AIM:Mortgagebroker71
Nine duplexes - Posted by Kathleen Cory(NY)
Posted by Kathleen Cory(NY) on March 03, 2003 at 20:20:00:
I want to get a blanket loan for nine properties (duplexes)owned by the same landlord. He’s not too creative with his terms, so…I guess I need to secure a blanket loan through other means. He’s giving me a good price to buy the package.
I have a two private lenders that can each help me with a couple houses each, but I prefer to get all nine on one loan if it’s possible…so I can use the private lender’s money in other deals.
Does any one know of banks providing these types of loans?
I checked online and there weren’t many sites advertising blanket loans. Am I using the wrong phrasing? I have a good credit rating and good track record of RE deals. Please pass along info that can get me on the right track.
Re: Nine duplexes - Posted by Charles Clark
Posted by Charles Clark on March 04, 2003 at 09:27:09:
To follow up with what Jim said, if you get a blanket loan, then you are limiting yourself to selling them all at one time, or waiting until the properties are paid off. You should be able to get a Loan Officer to “make you a deal” and the title company to “make you a deal” and save enough that way to cover yourself for the future.
Charles
Re: Nine duplexes - Posted by Jim Rayner
Posted by Jim Rayner on March 04, 2003 at 06:46:51:
Hi Kathleen,
The best source of blanket loans would be your “local small community bank”. See the commercial loan department.
Blanket loans have their place but must be used carefully and properly setup.
You haven’t stated a reason for wanting to do these on a blanket loan so it’s imposible to know if this would be the right option for the circumstances.
Re: Nine duplexes - Posted by Kathleen Cory
Posted by Kathleen Cory on March 04, 2003 at 18:35:47:
Hi Charles! Do you mean ask the loan officer to “give me a deal” because they will be getting the additional business of more than one loan? That’s a good concept. Have you ever done this or know of any one who has tried this approach? Thanks for the suggestion.
Best regards! Kathleen
Re: Nine duplexes - Posted by Kathleen Cory(NY)
Posted by Kathleen Cory(NY) on March 04, 2003 at 17:36:36:
Hi Jim, Thank you for the response. I will rethink the blanket loan terminology when requesting a loan. Maybe what I need are nine separate loans. What do you think the chances are of that happening?.. But, you are right. I don’t want to tie up any future sales of these houses by lumping them together.
The main reason for thinking about this is that in my area houses sell for much less than in most parts of the country. I have found that most banks don’t want to deal with a mortgage for less than $100,000.
Here, in my area, that’s two and sometimes three nice houses. So my thinking is if I lump them together, it may bring the tally up to where they will do it. But, then there is the down side of it being a more complicated deal to place them all on separate mortgages.
I have no problems with refinancing houses, but getting initial mortgages has been difficult. I have been able to get around this by using private lenders, but in this situation I need too much capital.