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Updated over 6 years ago,
Blanket Loan for Short Term Rentals?
I currently own several very successful STRs in Hawaii. I'm looking to diversify out of the state.
I found a new area i'm interested in expanding to. Each property is around 250k. All in, around 1.25m needing around a 1m loan.
I will qualify for the loan; excellent credit and income etc, willing to do 70% LTV. Also fine if it's a recourse loan.
My question is; are there any lenders who offer a product like a Blanket Loan to help me acquire 5 new properties to my portfolio. The numbers on the properties are fantastic and have no concerns on the ability to repay.
The issue is; the lenders i'm seeing that offer these loans like Corevest want stabilized non short term rental properties.
I don't want to get 5 individual loans...
Any ideas?