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Updated about 15 hours ago, 11/21/2024
Portfolio Lender with Assets Nationwide
Disclosure: Yes I am a private lender but we do not provide this type of financing so I wanted to #ASK
I have a client who has around $5M in real estate that has properties in GA, FL, NV and texas. They currently have under $1M in leverage on the assets but are looking to get a line of credit / portfolio loan to encumber these properties or other properties they acquire. I can google and look up lenders etc. but I also wanted to ask if anyone knew someone who they could refer?
- Chris Seveney
- Real Estate Consultant
- Mendham, NJ
- 6,916
- Votes |
- 6,080
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I have an asset-based line of credit with Quanta in California. Email me and I will connect you with my person there. I didn't need to use them much, but I used them for three flips in the past I think so it could work for your client.
- Jonathan Greene
- [email protected]
- Podcast Guest on Show #667
We have a direct product that does portfolio/blanket loans, even if the properties are out of state .
How many properties are in the bundle?
Why not just do regular cashout refi ?
- Brandon Croucier
- [email protected]
- (310) 480-7355
Quote from @Brandon Croucier:
We have a direct product that does portfolio/blanket loans, even if the properties are out of state .
How many properties are in the bundle?
Why not just do regular cashout refi ?
They buy and sell properties and are looking for a lender they can add properties to it if they sell a property. They typically don’t go above 50% ltv and usually pay cash for the properties.
- Chris Seveney
Well once the loan is Originated there’s no taking one out and adding another, I wouldn’t touch a blanket in that position then, there will be difficulty taking one out/penalties, definitely just suggest a cashout refi.
The difference is just UW fees, better than paying a 20% increase at payoff to remove properties.
- Brandon Croucier
- [email protected]
- (310) 480-7355
Quote from @Chris Seveney:
Quote from @Brandon Croucier:
We have a direct product that does portfolio/blanket loans, even if the properties are out of state .
How many properties are in the bundle?
Why not just do regular cashout refi ?
They buy and sell properties and are looking for a lender they can add properties to it if they sell a property. They typically don’t go above 50% ltv and usually pay cash for the properties.
The only people who would do this is private individuals with deep pockets.
- Brandon Croucier
- [email protected]
- (310) 480-7355
Quote from @Chris Seveney:
Disclosure: Yes I am a private lender but we do not provide this type of financing so I wanted to #ASK
I have a client who has around $5M in real estate that has properties in GA, FL, NV and texas. They currently have under $1M in leverage on the assets but are looking to get a line of credit / portfolio loan to encumber these properties or other properties they acquire. I can google and look up lenders etc. but I also wanted to ask if anyone knew someone who they could refer?
I do have a program that can close on a blanket loan in multiple states - they do tend to like to cap that at 10-12 properties or $1MM in loan amount per blanket loan. They would not be able to add to the portfolio as they go, though.
With lower leverage in the 50% LTV range, they could expect to be in the 6.45% range on a 30-year fixed today.
Quote from @Brandon Croucier:
Well once the loan is Originated there’s no taking one out and adding another, I wouldn’t touch a blanket in that position then, there will be difficulty taking one out/penalties, definitely just suggest a cashout refi.
The difference is just UW fees, better than paying a 20% increase at payoff to remove properties.
I think thye would be ok with having a portfolio and then getting a second portfolio loan for tranche two of assets.
They are buying 3-5+ homes per month.
- Chris Seveney
Quote from @Chris Seveney:
Disclosure: Yes I am a private lender but we do not provide this type of financing so I wanted to #ASK
I have a client who has around $5M in real estate that has properties in GA, FL, NV and texas. They currently have under $1M in leverage on the assets but are looking to get a line of credit / portfolio loan to encumber these properties or other properties they acquire. I can google and look up lenders etc. but I also wanted to ask if anyone knew someone who they could refer?
My firm could do a portfolio loan on the properties. But not the ones in NV.