we have been fortunate enough to pick up several properties during the reo boom. we own 48 properties valued at roughly 3.15 million. current combined debt is $1.55 million. im looking for a fully amortized 15 year loan no cash out. suggestions? properties in CA. by afabbian450 from Oxnard, California. Nov 14th 2013
We are a CA based lender and I specialize in this situation specifically. With this loan-to-value we shouldn't have a problem getting you the best possible rates on a jumbo fixed. Please call me to discussMonica VictorinoSr. Loan Consultant (714) 317-7250
outside of portfolio or hard money, there are not many lenders willing to secure multiple properties into one loan.. and realistically, why would you.. if you don't make the payments on time, which property do they foreclose on?? If it's all one loan, the answer would be "All of them!!" if you wish to sell off some of the properties, how will the proceeds be distributed?? Plus, the lenders that would allow this type of combined financing will most likely charge higher fees and rates.. but, none the less, ScotsmanGuide.com is a great source to shop for this type of financing.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
You will probably have to use a local bank who will portfolio the loan since Fannie Mae and Freddie Mac only allow up to 10 financed properties . Call me if you would like to discuss 517-290-7124 Thanks,Gus Dahlgren
This would not be a standard residential mortgage, but there are lenders that will do it for the right situation. Your LTV is good and if it cash-flows I'm sure there are lenders that will - but this is a specialty area that many will not touch. Just move cautiously and possibly check more than one option. Possibly start wtih Monica.
As an alternative, consider selling off the poorer properties, and end up with about 25 free and clear properties. You may be cash flow and equity ahead.
You really should be talking with a commercial lender or a wealth manager. With what you are doing, a residential lender can not properly serve your needs. With this kind of portfolio, you want to make sure your lender, accountant and financial planner are coordinating their efforts. They can coordinate tax and estate planning at the same time.
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