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Updated almost 11 years ago,

Account Closed
  • Specialist
  • Northern CA
57
Votes |
154
Posts

Should I take a blanket loan to fund my multi-family investment

Account Closed
  • Specialist
  • Northern CA
Posted

Ok my BP gurus,

Here is my situation. I am looking to expand my real estate portfolio. I currently own 4 properties valuing around 500k-560k. 3 properties are fully paid off the other is at 50% LTV.

Looking to purchase a multi-family unit 4-10 units for under 200k (preferably about 100-150k) and keep for long term.

My idea was to do as I always have which was pull out the equity from my current homes to purchase the MF cash. I can get a better deal if paid cash but interest rates may be slightly higher (my equity line of credit is at 4.25%) I was thinking of using a portfolio lender and possibly getting a blanket loan on the 3 properties that are paid outright.

Any suggestions on loan options for my situation?

I currently have 10-20% cash on hand if I choose to do a 30 year fixed loan.

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