With a blanket loan, properties can be sold without triggering the "due on sale" which allows proceeds from the sale to be used to purchase more property. If you need $500k or more in blanket financing for 5 or more properties consider CoreVest. They offer a loan-to-value up to 75%, fixed rates, and terms of 5 or 10 years.
PB Financial Group Corp. can offer blanket loans and cross collateral loans up to 60-70% of the total value of properties.. Refinance 3-7 residential 1-4 unit rentals into a single 30 year FRM or ARM with one closing and one monthly payment.
Condo blanket loans are the same as a rental property the main difference may be how the rent roll is structured in the underwriting of a condo blanket mortgage loan. The dscr/ debt service coverage ratio is utilized in all cash income producing business properties and will assist the procurement of a rental property or condo blanket mortgage loan.
Some of these "buy to rent" loans will allow for bulk buying of single family homes, or offer a credit facility for pooling property from different sources. Whatever the purpose, this is an ideal time to use blanket mortgages for residential property investors. Besides blanket loans, we also offer programs on single residential properties.
A defining characteristic of a blanket mortgage is the release clause, allowing for the sale of properties within the portfolio without causing the whole loan to come due. Once a property is sold, a portion of the mortgage is released, while the rest of the mortgage remains in effect.
Our residential blanket mortgage loans are specifically designed for income property owners and investors on a nationwide basis. borrowers, brokers, and hard money lenders now have access to an unlimited fund, backed by experienced professionals, that has attractive financing options with no seasoning and reasonable underwriting guidelines.
Tip. A blanket mortgage is a single mortgage that includes two or more properties. The resulting aggregate mortgage is collateralized by all the properties, but an individual property may be sold without collapsing the mortgage, depending on the terms of the blanket agreement.
We’ve partnered with thousands of residential real estate investors across the nation and have closed loans in 46 states. 1-Stop Shop for investor loans corevest offers investors a convenient way to secure financing throughout the investment lifecycle, from bridge to perm.