What are my options to get a loan under LLC using my portfolio?

[HJ Bercy]

What are my options to get a loan under LLC using my portfolio? We looking to buy a 18 unit building (asking $190,000). Needs rehab (estimate $200k)

We looking to get commerical loan that can cover the purshase price and some of the rehab.

My background:

We started investing in Detroit in 2016.  We have 10 rental properties. 

7 are performing well bringing in about $4,100/mo. (Some are section 8/ Some are cash)

3 more are now rehabbed and reviewing tenant applicants.  Potential additional income of $2,700/mo.

All properties have no loans. Paid in cash.

Being conservative, we estimate value of homes from 20k-50k. Totaling 250k market value.

Credit score solid 700.

Questions:

(1) What are our options to obtain a commercial loan? I have seen cash-out refinance as an option 75% LTV

(2) Could a blanket loan be an option?

(3) Should we wait a few months after filling last 3 properties with tenants before going for loan?

Any tips or sugesstions  are apprecaited.

HJ

[Corina Eufinger]

Are those properties currently under your LLC? If you have other cashflowing properties under the LLC it will help get your new property under the LLC. Since you paid cash, if you haven't already transfered them into your LLC it will be a lot less complicated.

When you say "bringing in" is that your gross?  The banks will be concerned with net income.  

Since your properties don't have mortgages you could always place one of your other properties up as collateral.   

Since its a commercial loan you will need to prove to the bank that the property is worth their investment. How will you be improving cash flow? How will you be improving the property in value? If the property isn't currently cashflowing, a realistic projection for the turnaround time frame to being able to rent, then to be under 2 vacant. Then of course the all important ARV.

Good luck!