Financing 9 separate condos/townhouses in Charlotte

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Financing 9 separate condos/townhouses in Charlotte

Michael N.
Investor · Arlington, VA · Member since 2016 · 67 posts · 65 votes
Hi all, I've just had an offer accepted on 9 separate condos/townhouses in Charlotte NC. Having a problem finding a reliable company that will offer a blanket mortgage on all of them. Average cost is around 70k/unit. Does anyone know a company that will offer this type of loan? Thanks.
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Joshua Swart
Investor · Charlotte, NC · Member since 2016 · 22 posts · 10 votes
9y
Look into BB&T. They're local and I know people they have worked with on a blanket loan. Good luck!
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  • Joshua Swart
    Investor · Charlotte, NC · Member since 2016 · 22 posts · 10 votes
    9y
    Look into BB&T. They're local and I know people they have worked with on a blanket loan. Good luck!
    4Reply
  • Stephanie P.Pro Member
    Washington, DC Mortgage Lender/Broker · Member since 2016 · 4k+ posts · 2k+ votes
    9y

    There are a lot of alternative lenders that will do a blanket, but the rates aren't conventional.  If you're under contract, exhaust the local bank options like BB&T and others, but while you're doing that explore the alternative lenders just in case.

    Stephanie

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  • Michael Anspach
    Real Estate Investor · Smithtown, NY · Member since 2013 · 65 posts · 26 votes
    9y

    Michael, are they all in same complex?  Is there an COA?  Will you be in control of it?  

    Side note, please make sure you thoroughly review financials of COS as 9 times any special assessment could be a huge hit to the wallet.

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