If you're confident about managing 4 more units, tap your equity through a refinance or line of credit while at the same time, accelerating the mortgage paydowns of as many mortgages as possible. There is a proven and even guaranteed method for doing the latter, without having to make extra principal payments from income. Through this dual-track approach, you're building cash flow and next worth while simultaneously reducing debt, even on 4 properties.
Call me at 585.223.4449 if you'd like more info, and best wishes on your plans!
You can ask the lender to BLANKET the mortgage over multiple properties. It is NOT normal and customary - especially in this over cautious market.
The banks can do this in a few different ways. You may hear the term IDOT (Indemnified Deed of Trust) that will secure the bank against your other property.
This is NOT a loan for a typical mortgage broker. Check with a local bank that also does commercial loans and see if they can help!
Gerry Dunn - Associate Broker
Serving Maryland, D.C. and Northern Virginia
Over 27 years