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Portfolio Lender or Blanket loan
Hello,
I hope you are doing well.
I am getting into contract for 12 unit condominium portfolio. Each condo is $27k and three of them are rented at $1150/month. 7 of the units needs cosmetic upgrades like carpet, paint and clean up. Cost per unit is about $5000/unit.
I have tried a few institutions and private lenders. Most of the deny the financing because of each unit is less than $75k and they do not do blanket loans. I have enough cash to do 25% down payment and pay partial costs of repairs.
Is there anyone out there who can help me out with this riddle? The return on this deal is amazing and I do not want to let it go.
Harshil