In the old days, the blanket loan requirement was the properties had to be located within miles of one another. Today's blanket loan productd allow the properties to be located nationwide. This is huge!
- Investors can now pull cash out, consolidate and, clear out all
their properties into one LLC. This frees them up to get regular
conventional FNMA financing for new purchases again (currently, few
lenders will allow an investor to get this financing if they already
have 4 FNMA loans.). This can re-energize the purchase market.
People who have renovated homes can tap that equity up to 75% to
invest in other wealth creation vehicles including buying more real
estate, stocks, whatever they want.
Give me a Call Today to Get Your Blanket Loan Closed at 512-650-8630.
Some basic product guidelines:
property is underwritten, not the borrower. So you can show losses on
your return and, still qualify as long as the properties cash flow at
1.2 times the new mortgage payment (known as DSCR).
be 5 doors or more because this is a COMMERCIAL loan, the loan will be
to a business entity. It can be any combination of apartment
complexes, single family, condo, duplex, etc. JUST residential and apartment complexes though,
no commercial properties in this mix.
-Credit is important; a 680 credit score is generally required
-LTV must be 75% of appraised if you have owned the property a year or more. For properties 3-11 months, we can go 90% of cost.
-Properties must be leased up.
-Foreign Nationals are allowed at 50% but, if they include a US citizen in the mix, they can get 75% Financing as well!
-Loan amounts are $500,000 minimum up to $50 Million or more if the portfolio is really that big.
-Must have Liquid Cash Reserves.
-Full recourse is required up to $3 million but, non-recourse is available above $3 Million.
Wishing you the best,
Commercial Capital, Ltd.
P.S. We bring
money from around the country to local marketplaces insuring the most
likelihood of closing. The key is placing the borrowers with the lender
that most suits that borrower's strengths. We do it better than anyone!
I post on BiggerPockets which is a great form for investors.