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Investment property and would like to borrow from it to purchase another property.

I have a few investment properties that I paid cash for and would like to borrow from one of them to purchase another property.  Please direct me the best way to go.  I live in Pittsburgh, PA
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November 19 2011 - Pittsburgh
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Call Joe Cafiero <<--Link, click it.
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November 19 2011

When financing the purchase of non-owner occupied investment properties you more then likely will need at least a 20% to 30% down payment.  You may be able to obtain a line of credit or lines of credit against one or multiple properties that you own, although typically this is reserved for your primary residence that you own and occupy.  Financing or refinancing any of the properties that you own is another option to obtain the funds needed for further investments.  And the old standby used to be the blanket mortgage.  The blanket mortgage is a loan on two or more properties whereby you use the equity from one or more properties to purchase another or additional properties and they are all on one mortgage.  The benefit (with blanketing) is you are able to use the equity from one property to purchase more but the drawback could be if one is foreclosed on they all are.  This type of loan was popular many years ago and may be difficult to find today but do some investigating and check with different lenders (national banks, local banks, credit unions and brokers).

Good luck,

Blair

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November 20 2011
you would need to do a 'cash-out refi' on them in order to do so-contact a good lender in your area and ask about that option making sure that you tell them that the properties are for investment and not owner occupied. These types of loans may be more expensive than those that are for owner occupied properties just so that you know (higher rates, some additional fees and points, etc.).
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November 22 2011
I'm located here in Pittsburgh also, so the skinny is this!
Investment properties which I'm sure you know means you don't live there! The current market with investors only allow for this to be a conventional loan with a maximum loan to value ratio of 75% so on a 100K property the max allowable is 75K!
Feel free to contact me if you would like further clarification!
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April 11 2012
 
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