Non-recourse Blanket Mortgage On Behalf Of LLC?
Ok, here's one for all you mortgage specialists. There is a guy who owns 12 houses free and clear in a low-priced market (total combined value is $230k). All these properties are held in one LLC. All houses are currently rented and he intends to hold on to them as rentals.
He now wants to pull money out and use it towards more investing. Here's the question: is it realistic to find a conventional lender that will underwrite a blanket mortgage at say 80% LTV NON-RECOURSE, on behalf on the LLC??? If yes, which institution is best for this kind of deal? If not, what terms would be realistic under this scenario? Thanks!
Hopefully some lenders will pipe in here, but I doubt he can get non-recourse on a 80% loan unless the LLC is well established beyond the properties being used for security.
Let's see what some lenders have to offer.
Yeah, I know it's hard to get non-recourse on 80% LTV, I too hope someone will reply and tell us what's realistic.
*bump*
Thanks =)