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Updated over 7 years ago on . Most recent reply
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long term Financing Once you've maxed out 10 conventional loans?
I know that this topic has been posted before, I was following that initial discussion, however the results were minimal, and perhaps someone may know of new options that have become available between then and now.
I have been looking for reasonable lending options to continue building my rental portfolio past 10 conventional loans. The only options I have found have either had interest rates of upwards of 8%-11% .... short term 3 to 5 year Arms, or if they are at a reasonable rate.... require a minimum loan amounts of $100,000- $150,000. Most of my success building my rental portfolio has come in areas of purchase prices between $70,000 - $100,000 so I would prefer not to have to force myself to spend more money on property just to meet a minimum loan amount if 100k after 25% down payment.
It has been suggested to Refi my current 10 conventional loans into a blanket or portfolio loan which would free up my 10 conventional and then start the process all over again, but if all of my current interest rates are between $ 4.5 % and 5.125% .... I cant see why I would want to refinance & decrease my cash flow by refinancing to significantly higher rates.
Am i being completely unrealistic in searching for a long term 20- 30 year Fixed loan product at a reasonable rate? Let me know if i'm dreaming or I just haven't located the right people yet........ Just Fishing for lender options and suggestions for strategies that I may not be considering. Any advice or suggestions are greatly appreciated.