Multiple properties, one loan - can't remember the name?

Question

I learned about this from one of your podcasts (I think).

I can't remember what it was called.  I just need the name, then I can do my research.

You own x number of properties and want to buy another.  You get a (insert name) mortage that covers your entire portfolio using the existing properties as equity/collateral and enough cash to purchase the new one.

I own property X free and clear

I want to purchase property y but don't have enough for down payment

I'm trying to avoid a withdraw from a 401k

Thanks!

Alim Abrahim · Answer

Hey - I have someone that I think can help you... They've done commercial loans for my clients.  Let me know if you'd like their info via private message.  Thanks & good luck!

Ryan O'Mara · Answer

@Jason Munger - Blanket Loan is the term you want to look for.  Some people use the term portfolio, but as you've found, that term is also used to denote a loan held by the lender on their own books.

You would want to do a blanket loan that includes a refi cash out of your existing properties and the purchase of your new acquisition.

There are many lenders who offer blanket options.  Each has different criteria in regards to seasoning (of existing properties), min value/property, dscr, FICO, location of properties, etc...

If you need help, let me know.

Stephanie Medellin · Answer

@Jason Munger Blanket loan / cash out refi.

Tom S. · Answer

@Jason Munger  Also known as a "blanket loan".  As Cara mentioned above, a commercial lender should be able to do one of these.

Expect higher rates.  I have one that's 6% , 15 year amort.  The going rate on 15 year is around 4.25%

Cara Lonsdale · Answer

Are you talking about a portfolio loan?  Any commercial lender or hard money lender should be able to accommodate.

Andrew W. · Answer

Cross collateralized loan?

Jason Munger · Answer

Portfolio loan....I thought that was it, but when I googled that it looked like all that meant was that the lender kept the loan and didn't sell it.

Multiple properties, one loan - can't remember the name?

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