Rod, if you are going to get a mortgage using a blanket loan program, I suggest you always build in a realease clause on each property in the loan package.  If you have 4 properties under your blanket loan agreement, and a sell one of the properties, the lender can take 100% of your proceeds without a percentage release clause.

DON'T gt trapped!  Be creative and dictate the terms of the laon.  If you do not, you will be LOCKED out of your equity profit.

Charles Parrish

You are correct.  Thank you. I do these loans all the time for customers

Never really did a blanket loan. Always thought it was to hard to-do. Nice one

Ben

Rod...you do these loans ALL THE TIME???   It just came out last week!!  I KNOW where you got it!~~

These have been around for years, but haven't been as popular until lately.  We're looking to see if one of my clients can set up a subdivision this way and sell lots.  Thanks for putting the bug in my ear...

Lexa Montierth 

Lexa,

 You are correct that blanket loans have been around for years but I've only seen them for commercial loan scenarios which is what a subdivision finance would be. This appears to be brand new for typical residential property investors like landlords with rentals, etc. When has an investor with say 10 properties been able to consolidate them in a blanket? This is huge!

JK

Rod

Thanks for the useful tip! I just referred some one to a mortgage broker and the broker set him up with a blanket loan and the guy is tickled pink

Rod,

Help.  I am a frustrated investor with 25 quality, cashflowing SFR properties, and an LLC with a 6 year track record.  I have mastered buying through sheriff sales and refurbishing but am struggling with finding longer-term financing.  Due to very stong credit, I was always able to do individual loans after remodel.  With the crecent credit crunch, welcome to the brave "new world", no individual loans seem available.  I had 5 in process until last week.  My mortgage broker is out of business.  I have mastered a system at finding and rehabbing and managing rentals.  I have not mastered the banking/finance side.  Can I find a blanket loan for 10 SFS's (including one duplex) with positive cash flow, 75-80% LTV and reasonable rates???  What would you recommend?  What else is out there?  What am I missing?  Any assistance is greatly appreciated!!  I want to keep growing my business but am close to a stalemate until I can find another, affordable finance route.  Thanks,

Shannon

Hi Shannon. I can do blanket loans to 80% LTV.  You can call me at 720-259-4412 or email me at  rt0501@hotmail.com

Rod

Hi Shannon, Can you call me interesting in doing some Business with you,I can help with somew Finace side.

Thanks Anthony 908.922.0794 anytime

Rod,

Are these loans still out there? And at a reasonable rate? We have a growing number of investors from our radio show who are starting to run into the 10 property problem..

 Give me a shout.

Tom Armstrong

888.847.1858

We own 42 properties and would like more information on blanket loans at a reasonable rate.

Blanket Loan Checklist

I have a hedge fund lender that is interested in and closes blanket resi loans... 680 mid score... 70-75% LTV... cannot go over state lines... Rates start at 6%,  30 yr am... 5 yr fixed with  3 yr pre-pay... & has releases clauses.  I will need the following:

Personal Financial Statement

Executive Summary

Copy of Credit Report

Borrower's Authorization to pull Credit

2 yrs Business Tax Returns

how specifically do blanket loans work--i have 10 properties --apprsed at 600 k total //would like to do a blanket loan but uncertain how they work --i would like to pay off the current 10 prop and get about 100k cashout ..is this doable?? if so is the blanket loan basaically consolidating my current (10 loans) into 1 and allowing to get cashout >>>??score 680 thanks julie

Instead of having 50 mortgages you can blanket and just have one mortgage payment each month.  Then only one mortgage shows up on your credit report so you can continue to buy more properties. If the properties are right next door to each other, loan size starts at 300K. If the properties are scattered in a 4 county area then loan size starts at 1M

Rod

Hello!

We would like to learn more about balnket loans.  Could you write an article or a blog about this on our site.  Would you like to become part of our community, network, learn and teach others about what you know.

Please come and introduce yourself!

Investors Lounge Online is networking communities where like-minded people gain knowledge, share ideas, information, and resources and help each other achieve financial success through real estate related investments.

We would like to know about your interest and learn some thing from you!

Respectfully

Hanh Dang Brown

I currently have 8 SFR properties.  They are all in  Trenton, NJ

I have an opportunity to purchase additional properties, but have ran into the 10 property limit.

I would ideally like to refinance these 8 properties with a blanket loan.  It would be about a $650K loan.

The rates on these individual loans range from 7% to 7.625%.  They were all initially purchased at 90% LTV.  I may not make 80% LTV depending upon the appraisals.  Any options out there ?

Hi Rod,

I am stuck in a hard money loan after the market shift. I have a high cash flow purchase of 14 single family homes. They will appraise for about 310,000 and I owe about 250,000 on them. The recuring fees and high interest are making it difficult to hold on to these properties.

Can you get me a blanket loan on these properties?

Again the scenario:

Non-contiguous

80 ltv

14 single family residences

5,100 a month income

I had been getting commercial blanket loans from Silver Hill Financial, I have been told there are no other sources left. Is that true?

Thank You,

Tim Ratajczyk 

Min Loan 1M

Rod

I have other property we could use. I have 72 units..............

would that help?

Tim 

Yes that will help.   Min loan 1 min.  Plse send me an email to request me to send you our excuetive summary so you can fill out and return.

 My email is rt0501@hotmail.com

Thank you

Rod

I will bookmark this post and read later. Seems interesting.. I am surprised they are doing such loans in this market.

Very interesting information. Thanks for the post.

How are you able to post to so many groups? When I do a post, AR limits me to 5 groups?

I am buying 25 properties in michigan and they are all sec.8 tenants. exellent cashflow.loan amount would be $1500000.55% ltv.can you help.please call 248/321/1030

I'm a loan officer with an investor base that want to cosolidate their mortgage investments in this current (RE) climate. What lenders are availible. Need lenders (ASAP). Look forward to hearing from you.

dkr711@hotmail.com