Multiple Investment Properties under One Mortgage
I have been leveraging for a few years now and have managed to get a few mortgages on investment properties. All the properties perform very well, are income producing and have at least a 60-80 percent LTV ratio depending on the property.
For a few reasons, having to pay multiple banks each month, limits on how many mortgages you can have, complexity, I have decided that I want to explore rolling these all into one.
So my question:
Is there a way to take multiple investment property mortgages and refinance them all into a single mortgage? The current mortgages are a mix of VA and conventional. With interest rates ranging from 3.3% to 5.5%
I have done this and it has saves paying fees on each different account as well, just need to track how much of the lending is allocated to each investment so you can track your profit for your tax return.
The short answer is yes. You could approach smaller local banks and credit unions and see what options they have for portfolio loans. However portfolio loans typical need more down and carry a higher interest rate. The terms will also be different from your current mortgages I would expect 5-7 year terms with a balloon.
Looking to see what is available to is a good idea but the complexity of multiple low interest loans with long terms might be better than one higher mortgage payment with a looming balloon payment.