We have about a dozen or so properties with individual loans that we want to consolidate into a single blanket loan. Does anyone have experience with this product?? We can do full documentation and have high credit scores and the portfolio is cash-flow positive (about 1.2 DCR).
Any suggestions would be greatly appreciated.
There are several commercial lenders offering this. Have you also checked the local banks in your area. Most do not have release clauses and this is something that will need to discussed upfront along with your goals.
Lenders will usually have a minimum loan amount as well. 70-75% ltv. How long have you owned the properties? Are you trying to get cash out or just payoff existing liens? Are all the propeties located in the same county?
Have you considered just doing individual commercial loans on them rather than 1 loan?