Blackburne & Sons Realty Capital Corporation is pleased to announce the closing of a $289,575 first mortgage on 9 single family residences and 1 duplex in Euclid, OH.
The borrowers needed cash to purchase additional rental properties, but the lending environment in Ohio is still reeling from the Recession. As a result, they were unable to find traditional financing and turned to private money. An additional hiccup was the properties were all 1 to 2 unit residences and were not strong enough to support a loan individually.
Unlike traditional lenders, Blackburne & Sons is actively lending nationwide and loves residential investment properties. In this particular case, we put a blanket loan on the properties allowing enough equity to justify the amount of cash out the borrower needed and stay above the 5 unit minimum for a commercial loan. Blackburne & Sons is only licensed to make home loans (one-to-four family dwellings) in California. However, because we could blanket five or more rental homes, the loan became a commercial loan.
In addition, using a blanket loan reduced the risk to our investors. The loss of one or two tenants is unlikely to financially devastate the borrower (much like a owning a multi-tenant strip center vs. having a single tenant building) and therefore the borrowers are more likely to be able to make their mortgage payment.
Our investors love residential investment properties. This particular loan sold out in less than two hours. If you come across a borrower who would like to take advantage of a buyers market, or simply needs to refinance, please think of us!
Please call your loan representative below:
Alicia Gandy
916-338-3232
gandy@blackburne.com
Desmond Stoll
916-338-3232
dstoll@blackburne.com
Tom Blackburne
574-210-6686
tommy@blackburne.com
BLACKBURNE & SONS REALTY CAPITAL CORPORATION
4811 Chippendale Drive, Suite 101, Sacramento, CA 95841, 916-338-3232
http://www.blackburneandsons.com
Real Estate Broker - California Department of Real Estate | License Number 829677
NMLS #103430