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Updated 2 months ago,
Recommendation on a 5 property DSCR Blanket Loan Lender
Hi Guys,
Looking for a lender that might be a good fit for a blanket loan on our portfolio in Pennsylvania. Any advice or recommendation would be greatly appreciated. Thanks!
We have 5 properties totaling 16 units with a total rent roll of 11,875/month and occupancy is at 15/16. Four of them are multi family 2-4 units and 1 is a mixed used commercial store front with 3 apartments upstairs. Currently working with a lender who will lend on the multi fams but not the mixed use property. Our ultimate goal is to use one lender to underwrite all of them under one loan, or individual loans if need be. The total value that can be supported with our appraisals are 621k and we have 170k in debt. Two partners in the LLC with 700 plus credit and strong cash reserves.
Property | Appraisal | Debt | ||
208 Congress 3 Units | 135000 | 74000 | ||
86 Congress 4 Units | 138000 | |||
137 South 3 Units | 100000 | |||
9 Tibbitts 2 Units | 102000 | |||
117 Main 4 units | 146000 | 96000 | ||
Total | 621000 | 170000 | Equity | 451000 |