Buying Condos with a Blanket Mortgage

jseamless · Site Admin Joined: 17 Jan 2005 Posts: 40

I am looking for a Blanket commercial loan on 7 condos in NC.
I would like finance for 85-95%, seller will finance the rest.

I have mid 700 FICO score and I am looking for a combined 100% financing on this project because the rents are high compared the purchase price, therefore allowing me to maximize my ROI if I put as little down on the properties as possible.

It is a 3-5 year hold. Please email me back if you have any options available to me.
Thanks,

Do you know if the condominiums or warrantable?

By warrantable, you mean is the majority of the development owner occupied?

You can find the definition or warrantable and non-warrantable condos here.
http://www.mortgagesaver.org/non-warrantable-condo.htm

If so, then no. The majority of the condos are being rented out. I don't know the exact ratio.

The Mortgage-Pro · Site Admin Joined: 19 Jan 2005 Posts: 2248

We will be responding to your mortgage request via e-mail.