Are There Lenders That Will Give Line Of Credit On All Assets?
I am a real estate investor that would like to borrow on the equity in my properties. Are there lenders that will look at the whole portfolio and give a line of credit based on that. I own two homes, 6 lots and 1 large acerage. Value is about 1 million with mortages at about $400,000 all together. I want to get the equity out and use it to purchase more properties without 9 seperate equity loans.
I would imagine that there are. Check out osme of the lenders on the lender tab or call around to some of your local credit unions in town. Just make sure you have all your paperwork in order.
joe
[addsig]
Yes there are lenders who will do this kind of deal. Your local commercial bank is where I would start. You may be able to negotiate what is called a blanket mortgage which would restructure all the existing debt into one note. If so make sure to also get a partial release clause which allows you to pay off part of the loan and sell any one property.