Blanket loans

[Brent Kelley]

Has anybody out there had any success with putting multiple properties under a blanket loan? What were the terms like? Did it affect your cash flow at all? I have 10 properties and am considering getting a loan of this type to free myself up to buy more rentals with conventional financing. Thanks!

[Curt Davis]

@Brent Kelley

My partner is in the process of doing a blanket loan and so far so good.  I am also full with loans so I spoke with my conventional lender this morning and asked him if I did the blanket loan can I start getting loans from him again and he stated this which I didnt know; He said I would have to form an S Corp. for the homes I put under the blanket and the loan would have to be with the S Corp and not my personal name.  If you just put homes say take 4 and put under a blanket you have not changed the fact that they are still 4 financed properties regardless if they are under one loan or not.  

Hope that helps, I literally found this out about 1 hour ago!!