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Updated about 8 years ago on . Most recent reply
Need help finding a custom lending solution.
Here is the situation that I am running up against. I have found a market where I can pick up single family rental properties that have been rehabbed or updated for 15k-20k a piece. The properties will appraise for between 30k-40k each. Basically looking at 50% equity right off the bat. They come with tenants and property management in place. The rents are 500-800 a month. I can pick these up 5 to 15 properties at a time every couple months. I have 20% down for any property I buy. I will be holding these properties for long term rentals. The equity is there, the cashflow is there, and I have skin in the game.
What I need is a lender that can do a blanket loan for these properties so I can add to it easily. I'm looking to add 50+ of these properties to my portfolio in the next year. I also have another gentleman I have run into that is doing almost the same exact thing in his market. He is probably looking at 70+ properties in the next year.
Terms I'd like to see 15+ year loans. Looking for 5 to 10% interest. All conventional type loans. No interest only.
Between myself and the other gentleman we have the opportunity to add a lot of value to someone who can do or create lending for these types of properties.
If you can help, know someone who can, or point me in the right direction I would greatly appreciate it.