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Updated over 9 years ago,
struggle getting a blanket loan
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