Blanket mortgages provide a solution for borrowers and investors who need to finance multiple properties.
What Is A Real Estate Blanket Mortgage
A blanket loan is a single loan that covers multiple properties. It allows investors to quickly and easily cover an entire portfolio with one loan instead of many. With a package loan, the lender can offer a package of loan terms, including interest rate and term type, loan amount and collateral.
What Does A Blanket Mortgage Cover?
A blanket mortgage is a loan that covers multiple properties, usually in the same geographic area. It provides investors with a package of loan terms including interest rate and term type of loan amount and collateral. Blanket mortgages enable investors to buy or refinance Buy multiple properties quickly and easily without having to apply for each loan separately.
How To Get A Blanket Mortgage Loan
When looking for a blanket mortgage lender, it is important to choose one who has experience with multiple properties and understands the ins and outs involved with this type of loan. Many lenders have specific mortgage packages in place to cater to investors. you can also Find a lender through a recommendation from an experienced real estate professional or by searching online.
FAQ: Blanket Loans
What qualifications do I need for a blanket mortgage?
Credit score requirements and other qualifications will vary by lender. In general, a good credit score is an important factor in getting a mortgage package—lenders will likely require a score of at least 620 or higher. Other qualifications may include proof of minimum loan amount income
- Individual or multiple properties
- Single-family, condo, townhome, multifamily properties
- $200K – $50M
- Up to 80% of cost
- 18-24 month terms
- Fixed and floating rate options
- Revolving credit options available
- Non-recourse options available
- Foreign nationals eligible
- Nationwide lending
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