10 Property Rule??? - Posted by Eric (Ohio)

Posted by herb-nc on October 08, 2003 at 07:22:35:

This is what I did when my personal bank said no more than 5. I did a blanket refinance where we put 4 properties on one loan and deed of trust. He did this loan at 70% across the board LTV. It worked for me at the time and it meant I only had 2 loans in my name. When I sold a few of them later the bank did deed releases on each one with a principal paydown. Look at taking the one that is paid for and refinancing maybe 3 or 4 into one. It may work but it is just a thought.


10 Property Rule??? - Posted by Eric (Ohio)

Posted by Eric (Ohio) on October 08, 2003 at 06:30:33:

I have 12 SFH’s 10 of which have mortgages on them. I am considering a cash out refinance on one that is paid for. My banker has informed me that the 10 property/loan rule is back in place. I have always heard of this rule from time to time. I have checked with several local small banks and it appears that I can refinance but, the only products they offer are Adjustables with or without balloon payments.

Is anyone finding fixed rate financing with more than 10 properties? If so, what kinds of rates?

Thank you,


Re: 10 Property Rule??? - Posted by Nate(DC)

Posted by Nate(DC) on October 10, 2003 at 13:39:39:

I know Greenpoint can do up to 20 properties at regular conforming rates. You can get them through a broker or www.greenpointdirect.com


Re: 10 Property Rule??? - Posted by jeff

Posted by jeff on October 08, 2003 at 07:52:03:

I am running into this problem also. Conventional loans backed by FANNYMAE OR FREDDIEMAC will only back up to 10. A non conforming lender that does not insure by them will go over 10 at a higher rate. I am a fan of Home Equity Lines of Credit. You can draw out a chunck of your equity (they do have a floating rate)and it is not a mortgage. Plus you only pay interest on what you spend and not on the whole amount. Tax deductable and interest is charge by month, not front loaded like a mortgage so you can pay more principal per month. If you own free and clear a 80% on a rental should be easy to get. Very little (if any) closing cost. Good luck

Re: 10 Property Rule??? - Posted by ken in sc

Posted by ken in sc on October 08, 2003 at 07:26:42:

This comes up again and again. You should shop with several loan brokers (not banks). I have way more than 10 of these 15 or 30 year fixed rate loans and am getting another now. My loan broker tells me that each Lender has its own rules. Some will let you have 4 loans, some 6, etc. So if you have 4 with Chase Manhatten, then your broker may have to shop your loan to Washington Mutual or whoever. Keep looking and you can get what you want. At least that has been my experience.