10 single family homes in OH

I am looking for a lender who'll do a blanket loan for 10 single family homes in OH. All are currently rented and bringing in over $6k per month in rent. Price is $459k but worth $670-$700k.

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Permalink Reply by Michael Austin on September 1, 2014 at 11:25am

We have hard money and blanket loans (cross collateralized commercial loans) available nationwide for experienced investors like yourself.

The hard money for fix and flips is at standard hard money rates but they have a very quick closing process for experienced investors.

The blanket loans have the following rate and terms:

Average rate 6.5%
2 points origination
normally close in 45 days
5 and 10 year fixed rate
Up to 30 year amortizations
Up to 75% Loan To Value
Up to a 1.20x Debt Service Coverage Ratio (DSCR)
Recourse and Nonrecourse
Minimum 5 properties
Minimum loan amount $500k
Consolidate all rental units in one loan: SFR, 2-4 family units, condos, townhomes, multifamily and mixed Use Commercial Properties