Blanket refinance loans are powerful and convenient because it can cover multiple single family residences (aka SFRs) in one loan. This investor had individual mortgages on 8 different SFRs and all of them were coming to term. To add fuel to the fire, not all of the properties were cash-flow positive — creating a big challenge in the investor’s ability to secure financing.
With our Alt-A (just miss) programs, we were able to close a blanket refinance loan based on only the property appraisals. The rate was then adjusted accordingly to account for the lender’s risk. This was a no-document loan — all that was required was appraised value of properties, good credit, and personal financial statement, not cash-flow. This proved to be another ComCapFL success in finding a solution for an unusual loan!
(And we financed this one twice!)