Posted by Patrick S. Lawson on October 21, 2005 at 12:22:35:
Blanket…Maybe…I would have to check with UW. Simultaneous close…All day.
Blanket Loan for 14 non-owner portfolio - Posted by Daniel Dawson
Posted by Daniel Dawson on October 20, 2005 at 19:56:16:
Hello,
I have a client that is looking to purchase a 14 different properties from 1 -4 units from a guy selling off his portfolio. I am in need of either a blanket loan or a few different lenders that will do 4 at a time. Either 100% ltv or 100% CLTV. All properties rented and cashflowing and are 15k under market. Borrower has 720mid, 80K bank would need to go stated/verified, steady job and would be using property managment company. Seller might be willing to carry paper.
No 100% Blankets - Posted by Jimmy
Posted by Jimmy on October 21, 2005 at 06:22:23:
Almost any bank which engages in commercial lending can issue a single loan collateralized by multiple properties. Don’t talk to the home mortgage people. Talk to the business bankers.
HOWEVER. I have never seen a commercial lender who would do anything 100% LTV. If you find one, please post it on this booad.
The 100% LTV deals with which I am familiar are exclusively available for “home loans” written to FNMA or FMAC guidelines. This means one property for one loan. I did it with a 4-plex a couple of years ago. Involved two loans. a first at 7.5% and a second at 12%.
Here’s a thought: Your client has to have some cash in this deal, or a commercial lender will not deal with him. Can he cough up 10%? If so, you might be able to sell a commercial bank on a 90/10/10 deal, where the seller carries back a 10% subordinated note. My commercial lender will do this for me now. But they would not have done it on the first couple of deals. It helps to have a good relationship with ones banker!
best of luck
Re: No 100% Blankets - Posted by Patrick S. Lawson
Posted by Patrick S. Lawson on October 21, 2005 at 08:13:09:
Jimmy made several good points. However, if you client can “cough up 10%” you need to start talking to brokers. There are lenders who will do this deal 100%
Just my $0.02
Which Ones? - Posted by Jimmy
Posted by Jimmy on October 21, 2005 at 10:09:00:
I think Patrick meant to say that there are lenders out there who will do this 90%, if you can come up with 10%. but maybe I am wrong here.
Are there commercial lenders who will go 100%? or 90%?
Mine will go 80%, and only after about 3 years of deals have they expressed a willingness to go 80% with a seller carry of 10%.
Re: Which Ones? - Posted by Patrick S. Lawson
Posted by Patrick S. Lawson on October 21, 2005 at 10:43:32:
There are commercial lenders that will do 90%…But you can take them 100% with some other folks (prefer that there are seperate purchase agreements).
Re: Which Ones? - Posted by Patrick Ahearn
Posted by Patrick Ahearn on October 21, 2005 at 12:02:32:
If you know of a lender that will go to 100% on a blanket of this type please let us know. I know of a few outlets for 100% but not with a blanket mortgage.
Re: Which Ones? - Posted by Patrick S. Lawson
Posted by Patrick S. Lawson on October 21, 2005 at 12:47:56:
Northpointe Bank will do 90% all day, but they will make exceptions on a case-by-case basis.