I was wondering how to go about getting a Commercial Blanket Loan for some Commercial property. Has anyone ever done this before? Is it even possible? Any and all help would be greatly appreciated.
It’s possible though I don’t know the terms. Contact your mortgage broker and see what he has to say.
Yes, I have several commercial blanket loans. Just go to your bank and tell them what you want to do. Do you have a specific question?
Mike
General guidelines are:
- Unlimited number of properties
- Loan amounts starting at 1 million
- Up to 80 LTV for purchase and cash out refinance requirements
- Can be funded as an individual or LLC
I closed one two weeks ago for one of my clients—borrower had a 650 FICO & rec’d a I/R of 7.25%.
Regards,
Scott Miller