When a company or home flipping lender talks about blanket loans, they are talking about cross-collateralized loaning of money. The loan usually comes from a private banking firm that specializes in specific loan requests. The borrower usually has a strong portfolio of real estate assets that help offset costs when it comes to the size of the loan and the overall strength of the loan.
Most all borrowers want to put their whole property of loans under one centralize loan paid out in full. This new loan would have a very low rate, which would help the borrower out tremendously lowering his/her costs and mortgage. This packaging of the loan doesn’t require tax returns in order to be handed out. That’s why the popularity of the loan has become so strong. You don’t have to be judged on your tax returns. And Blanket loans are given out all over the US. A lot of borrowers also use the blanket loan for flipping real estate investments.
Until recently, it has been really hard for borrowers to get access to finance a well-developed portfolio of real estate assets. When it comes to a bank, they don’t want to look at people with over 4 assets in general.
With blanket loans, you can work on having better cash flow at cheaper interest rates. It’s a win-win situation. A blanket loan will take all your loan checks, and have them refinanced into one specific package. You have to make sure the lender has a strong release policy when it comes to blanket loans. Sometimes lenders can write specifics in the contract that allow them to have more control over the overall loan. They can charge you fees when you sell your home.
Blanket loans are more and more popular and will be the future of lending for private lenders.
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