I need help with finding a loan solution for a 14 residential houses portfolio that I’m trying to purchase. I have the funds for 20% just looking for ideas and referrals of a good bank that can help me create one loan for all the properties.The loan should be around 700,000. Thanks so much in advance I really appreciate the help
Lender · Frederick/Montgomery County, MD · Member since 2019 · 56 posts · 46 votes
6y
@Ozzy Llanes Hey Ozzy. We could certainly do a blanket mortgage for all of the properties. Where are they located. My lending territory is only MD, DC, and VA...
Paducah, KY · Member since 2016 · 75 posts · 45 votes
6y
@Ozzy Llanes we have found success with a local bank. Pay a little more in rate but the flexibility in structure is worth it. They helped us with one solid note and a LOC that has allowed us to be nimble and close on new properties with cash quick. I strongly advise you finding a local and making it a relationship.
Investor · Richmond, VA · Member since 2013 · 347 posts · 191 votes
6y
Be sure to check on whether or not you will be able to sell off individual properties later on. The banks may have different descriptions for this. I believe that one is the "acceleration clause" but maybe other folks can chime in here to explain that better.