Posted by gary p on July 30, 2003 at 23:52:38:
I have a program that will give you great rates on all of your properties individually. Blanket loans are terrible.
“What Mortgage co. does com. loans?” - Posted by Ty
Posted by Ty on July 30, 2003 at 01:53:14:
I have 9 properties 3 I owed outright with a mortgage and 6 that I have picked up via L/O I have all the deeds put into a Land Trust.
Here’s my question I would like to refi and cashout on all 9 properties and have it combined into 1 commercial loan.
Do you guys know of any company that would do that? And how long you think it would take to go though?
Thanks,
Ty
Re: “What Mortgage co. does com. loans?” - Posted by Frank
Posted by Frank on August 07, 2003 at 22:16:08:
Why would you want to bundle all these properties together?
Take it from an insurance nightmare standpoint. The note you have on these properties will require for you to obtain and hold insurance policy on these properties. Say you have a fire in one and it is completely destroyed, the bank isn’t going to take the insurance proceeds from this mishap to adjust the loan. They will require that the loan either be paid off or refinanced and will cause you to go through the proccess again.
Another stand point is, if for whatever reason, you fall on hard times, the lender won’t let you sell a property that is securing a note. In this case, 9 properties would have to be sold at the same time to satify most lender.
Bundling properties works to benefit the lender more then it does the property owner. Yikes!
Re: “What Mortgage co. does com. loans?” - Posted by Don Dion
Posted by Don Dion on July 30, 2003 at 10:58:47:
From your description it appears your talking about single family units which would be residential not commercial. If this is true then you have an odd request but you can get what is called a blanket loan from a local bank that holds their paper. Generaly they are 3 to 7 yr adjustable loans based off the prime or libor and amortised over 15yrs. I am not sure why you would want a commercial loan on these units since you might not be able to sell an individual unit once it is in this type of loan.