Need advice with multiple loans!

To Concern:
I need some advice. I have been in the real estate business for about three years now and I currently own 7 rental properties. I have three loans in particular that are split 80/20 and the 2nd portion of the loan has a VERY high interest rate. I want to pay off all three of the 2nd loans and combine them into one loan.

I only need to finance about 75k to successfully pay off all three. Can anyone recommend a finance company that will loan me this amount in order to pay off these high interest 2nds. At a reasonable interest rate, of course. Perhaps a very attractive home equity line?

Thanks in advance guys,
Steve :banghead

Someone has got to have some knowledge on this? What is everyone typically paying on their investor loans for single family residence? Has anyone ever done a blanket mortgage with multiple investor loans?

Stand alone seconds on investment properties are not easy loans to locate. Can you refinace a couple of your other properties and either pull cash out of them or get a home equity line of credit? Seems like the cash-outs would be the best option because you are going to get the best rates. The difference in payments on the new cash-out loans should be more than off-set by the savings on the 75K you will be paying off. Hope this helps.

Hey Chris,
Thanks for the info. It’s defiantly a stab in the right direction but I haven’t had too much luck with this. I have excellent credit and credit history but I can’t seem to locate a lender that is willing to jump on board. I have tried to take out equity lines against each property but the lender I was working with said I can only take out one equity line for 1 investment property. I can’t be the only investor that has come across these issues.

Does anyone have access to a good financial advisor? Perhaps they can point me in the right directions. :banghead

Thanks Chris,

What is your loan to value on those properties/loans now? Do you have appreciation and new equity in them>