Can I break up a bulk mortgage with muliple properties in it?

[Chris Fointno]

I have a seller who owns 5 rental properties under one loan. He bought them with an LOC. The seller no longer wants the properties and will allow me to take them over. The loan is at a 7.25% and I would like to take them over and in a year refinance them and break them up into individual loans. Is this possible to do? I know they will have to appraise first but are there lenders out there that will even do this?