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Updated over 9 years ago on . Most recent reply

Greg W.'s profile image
Greg W.'s profile image
Greg W.
  • from Chicago, Illinois
  • Member since May 21, 2014
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71
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Greg W.'s profile image
Greg W.'s profile image
Greg W.
  • from Chicago, Illinois
  • Member since May 21, 2014
Connect
Greg W.
  • Chicago, IL
7
Votes |
71
Posts
Buying & Selling Real Estate

struggle getting a blanket loan

Greg W.
  • Chicago, IL
Posted

I have 6 properties on contract with I one year balloon. I'm 3 months in and funded renovations and downpayment with plocs. Now they are all rented and I started looking for a blanket loan. I've been declined at 2 small bank for a combination of being new to bank, inexperienced and credit score. Credit has no lates or derogatories..just high balances on revolving lines (which is temporarily sinking score). I got properties at good price and a 75% ltv loan will give me more than enough extra money to pay off debt. Any ideas?

Thanks,

Greg 

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