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?
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.
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