Anyone have experience with Red Star Mortgage?

[Bob M.]

Hi-

Just checking if anyone has experience with a commercial lender called Red Star Mortgage? Found them while looking for a blanket cash out mortgage option for about 10-12 single family rentals I own. Talked to a guy there offering commercial 75% LTV 10 year term, 30 year am, rates around 5%, no seasoning requirement, individual property values they go as low as $40k but minimum $500k loan amount. 1.2 DSCR

Seems good on paper if you have a lot of relatively lower value properties with equity like I do, but they don't have much of a presence online so figured I would check here.

Thanks!

[Cason Acor]

I don't typically deal with blanket loans and don't have any experience with Red Star Mortgage specially. But generally speaking, 5% seems pretty high. Also, the terms this guy quoted you are all better than the terms Red Star has advertised on their website. They very well might be able to get you what you were quoted, but I would double down and make sure you have a clear understanding of the potential terms before committing to credit pulls and term sheets.