CoreVest - Colonial America - Blanket Portfolio Loan

[Bo Kim]

Hi all,

Wondering if anyone has experience using CoreVest (aka Colonial America) blanket portfolio loan. I am in the process of getting quoted on cash-out refi on 9 of my rental properties under one blanket loan under this program:

Rental Portfolio

• 5+ rental properties
• Single-family, condos, townhomes, multifamily
• Stabilized (leased) portfolio
• $500K – $100M+
• Up to 75% of cost
• Fixed rates
• 5, 7, 10 year terms

They have given me a rough term sheet of 

• 500K Loan
• 75% LTV
• 6.25 interest, 30 year amortization, 10 year balloon
• $7,500 origination fee
• Recourse Loan

However, they are asking for 10.5K expense deposit (refundable)

• $4.5K Legal fees (title, llc, etc.)
• $4.5K Valuation (appraisal of 9 homes
• $1.5K Lender due dilligence (background check, admin fees, etc.)

I asked multiple facebook groups, and searched on BP without much luck on user experience. Any and all advice welcome!

Thanks,

Bo