my partner and i own 40 houses. some already have good long term residential mortgages but the rest are privately financed with interim financing - i.e. we are looking for permanent mortgages for them. it's impossible to find convential residential mortgages any more - we've passed the limits! my partner even owns other properties and mortgages yet. we have more houses to buy. we might own 80 by the end of the year if we could just keep recirculating our interim financing - in other words get mortgage money. we'd be happy to finance them out in blocks of about 8 at a time. it is the syracuse ny area and the average house value in our portfolio is about $75k.

these houses are leased out with buy options and are throwing off outstanding positive cash flow.

local banks are offering commercial loans at prime plus and we'd prefer a 10 year fixed if that's possible. is it?

I have a deal like this in IN w/ 55 properties and I have a pre-qualification at 70% LTV, 10.95% and 5 points; we can re-fi all the properties on one loan, if you are willing to accept terms 'like' this then give me a call!

I think you may need a more creative lender. As the owner of a mortgage company, I am constantly searching for wholesale lenders with the most diversified products. Just last week, ironically enough, I came across a scenario like yours...the borrower owned more than 70 properties, all with mortgages reporting. Looking through my existing lenders, I found no less than 10 of them who would finance ADDITIONAL properties.

Some lenders have programs with very good rates, that allow the borrower to have UNLIMITED property. A blanket loan, with all the properties included, may not necessarily be the right option for you....should you have the option to sell a property, or if individual pieces appreciated more rapidly, you would be hard pressed to take advantage of the equity you'd accumulated.

Not to mention, if you chose to refinance it as a whole, the possibility of paying 5 pts on a loan amount of that size (70% of 75000x40 properties)....over 100,000 of your equity in fees?? One broker could easily refinance the properties individually, and charge only a fraction of that. If you'd like me to investigate some financing options for you, I'd be happy to....Give me a call if you'd like to discuss it further. I can be reached on the cell phone number in my signature any day of the week, anytime. Best of Luck to you!