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Updated about 1 year ago on . Most recent reply

User Stats

40
Posts
18
Votes
Robert Clifford
  • Rental Property Investor
  • Greenville, SC
18
Votes |
40
Posts

issues with blanket loan - need

Robert Clifford
  • Rental Property Investor
  • Greenville, SC
Posted

In 2021, I refinanced some properties with some PE-backed lenders.  The loan officers convinced me to put them on a multi-property loan.  There were provisions to sell individual properties out, and when I got an offers, I took them based on the direction from the servicers that they would recast the loan.  After I sold the property, they would not recast the loan.  I lost a chunk of income, such that I could no longer service the loans.  The lender/investor is unwilling to negotiate, and I'm looking for some help to refinance the properties (short or long-term) and get them into individual loans.  They have cash flow, and there is equity; the issue is that all of this has negatively impacted my credit score.  There are two loans, one that's around $1.2M and one that's around $500k.  Looking for a private lender.  Properties are in Columbia, SC and Greenville, SC.

  • Robert Clifford
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