I’m an investor in NC and I’m looking for someone that will do lending on bulk property purchases. If you know of anyone please provide me with details, requirements, and contact information. Thank you in advance for the help.
What do you mean bulk purchases? How many houses are you looking to purchase at one time?
I have a list of about 90 houses that this guy is holding and waiting for me to purchase. He’s selling these house in groups of five to eight house at a time. I could purchase these house one at a time, but it will save me a lot in closing cost to purchase them in bulk. I think this is refered to as a blanket loan.
The blanket approach for residential properties will require some inward investment on your part (down payment)—something on the magnitude of 20-40% depending on the lender you speak to.
Are these properties cash flowing or vacant? It should be noted that the blanket loan will only entertain properties that are cash flowing.
Regards,
Scott Miller
90% of these properties are cash flowing
OK, the properties that aren’t wouldn’t be considered—the remainder would need to cash flow on the positive to the tune of 120-125% of debt service (i.e. if PITI is 1000.00, cash flow must exceed 1200-1250 to qualify).
Regards,
Scott Miller