Blanket Mortgage?
I'm negotiating with a landlord who wants out and has 7 properties (12 units total) and wants to unload them all at once.
I'm in the process of crunching the numbers but I'm pretty sure that I don't want to go through the hassel of putting 7 new loans in place. If I have to do that, I'd rather do a commercial loan on a single 10-12 unit building.
Does anyone have experience in funding a blanket mortgage for this type of deal? So far, I've been unable to find a lender who will consider this. For new development, yes, for a hodge-podge of existing rental properties like this, no.
Any advice would be appreciated.
I would suggest going to TCI's lender area at http://www.thecreativeinvestor.com/LenderFinder-index.html
and look at the commercial lenders and what they have to offer.
Not knowing your debt to income ratio, your credit score along with other details it would be hard to direct one on what to do!
You may want to partner with another investor on such a project. You can find them in your phone book and at foreclosure sales.
[addsig]