Portfolio Loan questions

[Bryan Hartlen]

Hi all.. not sure if this is the right forum... but I couldn’t find one that seemed a better match.  Anyway, we’re looking for some basic information on portfolio loans.

We have a few low value SFR properties that we own outright. We’d like to pull our cash out but they don’t qualify for individual mortgages. We own the properties in a couple different LLCs.  We are also planning to move into MFR units.  

Wondering if portfolio loans will:
- let you mix SFR and MFR properties
- would we be able to mix properties from our various LLCs?
- what’s the lowest cumulative value for portfolio loans
- how do portfolio loan terms differ from single asset loans?
- any recommendations on where i could learn more about the options?

Thanks!!

[Andrew Postell]

@Bryan Hartlen you've got some great responses above but what's the reasoning why the properties wouldn't qualify for individual loan? Is it because of the LLC thing? The reason I ask is because blanket loans have some pretty specific restrictions one of being that you cannot remove any of the properties from the blanket loan unless you refinance all of the properties within the loan. So if someone were to make you an offer that you could not refuse on one of your single family homes....well, then you would have to refuse it...or pay pretty big penalties. Now, I don't mean that it's not the "right" loan for you, it certainly might be, but many people prefer the better terms and conditions on the individual/residential loans.

There are also just regular commercial/portfolio loans on individual properties as well.  So even if you can't get the residential loan types there are still other loans that will offer more flexibility than a blanket loan.  Anyway, I hope some of this helps in some way.  Thanks!