Long time first time. Background - My partner and I own 11 duplex buildings (22 total units) that are 100% occupied as student housing until Fall 2013. All are new construction within the past 3 years. All are on the same block (except one) with title held in 3 entities (long story). Total debt $3.1M with mkt value at $4.5M. Each building has its own commercial mortgage from a smaller local bank. Usually 5 year balloon with 20 year amortization. We have a full time property manager run this and other things for us and do not plan on selling.
Question - does it make sense to get a blanket mortgage on all buildings and attempt to get a better rate and lock it in for a longer period of time? We have a mortgage person looking at the deal now but I have doubts about his ability to get the job done.
Any advise on if a blanket makes sense and/or someone to talk to? Thanks