Posted on: 11th May, 2012 03:35 pm
i am trying to refinance a rural 22 acre tract that has been subdivided into 4 tracts since the original mortgage was put in place. so the lender has all 4 tracts secured.
i would like to refinance the property and take out cash and secure it with 3 of the 4 tracts. the 4th is in my son's name so it can't be used.
my understanding is that i need something called a blanket loan where i can secure multiple tracts.
any suggestions would be appreciated.
i would like to refinance the property and take out cash and secure it with 3 of the 4 tracts. the 4th is in my son's name so it can't be used.
my understanding is that i need something called a blanket loan where i can secure multiple tracts.
any suggestions would be appreciated.
Hello, Yes you would be looking for more specific financing than a regular home. You may want to check with lenders that offer the USDA loans. Otherwise, you would want to check with local community banks who portfolio their loans. Meaning they fund and hold on to the loan, without ever selling it in the market. You are correct on the term blanket loan. It can also be call cross-collateral loans. Google the terms, and talk with some local lenders and go from there. Good luck
Hi David,
I agree with what Chris has said. To know more on blanket loans, you can check out the given pages:
"http://www.c-loans.com/educational_pages/commercial_real_estate_loans/blanket_commercial_loans.html"
"http://donderosa.com/what-are-blanket-loans-for-real-estate-investors/"
Thanks
I agree with what Chris has said. To know more on blanket loans, you can check out the given pages:
"http://www.c-loans.com/educational_pages/commercial_real_estate_loans/blanket_commercial_loans.html"
"http://donderosa.com/what-are-blanket-loans-for-real-estate-investors/"
Thanks
