Blanket Loan Terms

[Justin Lukus]

Hello All,

I'm new to Bigger Pockets and this is my first post so please excuse my lack of knowledge. I was searching for a lender that had a blanket loan option. I have 2 SFH w/mortgages. The lenders has offered me the following, I would like to know if these are good terms or should I keep searching. Thanks in advance

Max LTV: 55%

Loan Amount: $133,100

Estimated As-Is Value:$242,000

Loan Terms: 12% interest rate, 24 mo term, 6 mo minimum interest required, interest only payments.

Loan Costs: 3.50% Loan Origination Fee to Island View, $35 credit report, $45 loan servicing fee, $700 estimated expedited appraisal fee for each property, $400 processing fee, $600 underwriting fee, $1,000 legal fee, standard title and recording charges.

Seems like I should be able to get a lower interest rate and I would like longer terms on the loan. My objective is to get cash out to finish up another property I currently own with no mortgage.