Financing for 5 condos? - Posted by Hart

Posted by James Harris on June 05, 2007 at 12:37:05:

Up to 90%.

Financing for 5 condos? - Posted by Hart

Posted by Hart on June 05, 2007 at 06:07:45:

I’m looking at a deal for 5 individual condo units that would be sold as a package by one seller.

Could I obtain one loan for all 5 properties?

Would I need to seek commercial financing since it’s five “units” - even though each unit is technically a separate property with its own deed, individual taxes, etc.?

If so, would it make sense to technically buy 4 of the units in one transaction, and the other one is a separate transaction? Or would the acquisition costs for financing and closing make this approach too costly (The condos would be each valued at ~45-50K).

Would the closing/escrow process be especially difficult for something like this?

Any idea what I could expect for terms (w/ an LTV of ~75-80%?) Excellent credit, good cash flow.

Any help or suggestions would be greatly appreciated.
Thanks

Re: Financing for 5 condos? - Posted by zach

Posted by zach on June 05, 2007 at 11:40:05:

on a blanket loan your probably looking at 65-70% max on the entire purchase.

Re: Financing for 5 condos? - Posted by James Harris

Posted by James Harris on June 05, 2007 at 08:51:29:

Hart, can offer you a blanket loan. Drop me a line.