Blackburne & Sons Closes 5 Blanket Loans In Tennessee

Blackburne & Sons Realty Capital Corporation is pleased to announce the closing of 5 blanket loans (totaling $1,112,857) consisting of 51 single family residences in Memphis, TN.

The Challenge

Like many entrepreneurs in the wake of the Recession, our borrowers were active in purchasing real estate for pennies on the dollar. In this case, they found a portfolio of 54 single family residences in Memphis, TN. These properties had tax liens, deferred maintenance and the current lender was moving to foreclose. With all of these "black hairs", the borrowers were not able to finance this portfolio purchase through traditional means, so they came to Blackburne & Sons looking for a solution.

The Solution

At first glance, it was easy to see why many other lenders would be intimidated by such a project. But at Blackburne & Sons, we have a step-by-step process for dealing with difficult loans.

We reviewed the portfolio and went to work. We quickly eliminated properties that did not meet our lending criteria, and had the borrowers include additional properties in order to keep the necessary LTV. Once we removed the undesirable properties, we worked with the title company on clearing title issues. In the end, our borrowers were able to receive the loan needed on 51 properties.

Do you have a blanket loan that needs financing? Send it to one of our loan officers and we will find out if the deal makes sense. As we say here at Blackburne & Sons, if a deal makes sense, we make the loan.

Call your loan officer today!

Need a Hard Money Commercial Loan?

Please call your loan representative below:

Tom Blackburne
DRE# 1919403

Alicia Gandy
DRE# 1430908
NMLS# 389678

Desmond Stoll
DRE# 1311030
NMLS# 1013512

4811 Chippendale Drive, Suite 101, Sacramento, CA 95841, 916-338-3232

Real Estate Broker - California Bureau of Real Estate | License Number 829677
NMLS #103430