Posted by Paul Macdonald on February 21, 2001 at 23:33:44:
It’s not going to happen Rick… if you mean one loan with a rate comparable to todays 30 year fixed market. If you want those types of rates you need to put a note on each individual property.
If you want only one note that is going to be a commercial note and you’ll be looking for about a 10%, 20 year amortized note there, with probably a 10 year call.
You’ll say a ton of money if you go the individual mortgage route. And you would not have to refinance the whole kit and caboodle as you would with an umbrella note when you do decide to sell some of your properties.
If not having the hassle of writing out the checks to cover all the different notes is a hot button for you, just go to a bill pay program (internet bank type deal) and forget about it. They are very convienent.
Ed’s a great lender (second only to myself IMHO). Talk to him. This sounds like a no-brainer… course if you’re in a state he doesn’t handle or he cannot do your deal for some reason let me know. I’ll give you the best available.
Paul Macdonald