Thank you Mr. Bernanke for the recent 75 basis point rate cut, but hold off on the 50 basis point cut slated for later this month. We may all benefit from the drop in rates but when they drop too quickly it can be a bad signal to the markets and the economy in general. The Fed must do a careful balancing act.
Many investors are approaching me about blanket loans and one of my lenders has responded, and responded in a big way. They are now offering blanket loans at a fixed rate for 5 years at LESS than 6% with a 20 year amortization. Blanket loans are a wonderful tool for investors that want to hold rental property, get it off of Fannie and Freddie loans so that they do not have the restrictions that limit them to holding 10 properties. Just like any tool, blanket loans have their time and place. Give me a call so we can discuss whether they are right for you at this time.
Blanket loans may also be used when purchasing and rehabbing property. While this is not as common as simply refinancing current holdings, it can be done. I am also asked about getting cash out when refinancing into a blanket and the answer is yes, possibly. Other factors come into play such as LTV, financial strength of the borrower and the amount of cash out desired.
Check us out at www.icpkc.com for your financing needs, both residential and commercial. We also have hard money investors that are looking for good opportunities. With the current turmoil in the markets more and more investors are turning to hard money as an excellent vehicle for financing their project.
Remember, it all starts with a plan.
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