Over the years, we’ve developed a specialty in writing mortgages for portfolios of single family and 2-4 unit properties. One of our largest was a cash out refinance of 120 single family homes in Florida that totaled around $20,000,000.
We’ve learned that when writing mortgages for portfolios and blanket loans, the most important thing is being able to close. Period. These deals have a lot of moving parts and an endless amount of details that could kill your deal. We are about Freedom, Purpose, and Fulfillment here, so the last thing we want is for someone working with us to see all their efforts go down the drain because of something that could be avoided. We know how to overcome the pitfalls and see issues as, or before they arise!
Here are the groups involved that we represented for that $20mm deal:
We even went on our client’s podcast following the deal:
Here are the nuts and bolts of what we can do when it comes to portfolios:
| Min # of units | Min FICO | Min Loan Amount | Max Loan Amount | Max LTV | Non Recourse? | Min Per Unit Value | Partial Release Clause? | Min DSCR |
| 3 | 680 | $500k | $50 million | 75 on cash out; 80 on purchase and rate/term refinance | case by case | $75k | Yes | 1.1 |
Application Fee: $499
Processing Fee: $995
Brokerage Fee: 1.297% of loan amount
Appraisals: Required- Price depends on number of properties
Post Closing Reserves (How much money you need to have in liquid assets after closing): 9 Months of mortgage payment, taxes, and insurance required
Property Types Accepted: Single Family Residential, Warrantable Condo, Townhome, 2-4 family