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Updated almost 5 years ago,
Blanket loan with Low value properties?
I've got two single family properties (Old, but remodeled) in Cincinnati with a equity that I want to take out for my next deal. The catch is they are low value properties, and no lender i've found yet will touch a non owner occupied refinance for 30k. (Both value 30-40k, rough area of town)
That's the biggest problem. If I could solve that alone, I'd jump at it, but I've had no luck so far. However, I've got another property to refinance right now that might help sweeten the deal if needed.
I just finished a fix up on a triplex with a current loan of 170 and a value of 300. So I could use this as a carrot to anchor a blanket loan IF the lender would be willing to add in the other properties as well.
Help?
Thanks Y'all!
Paul