Thinking of starting your own airbnb business, or growing your own solid pension nest egg via property portfolio, or setting up a reliable investment vehicle? Buy multiple real estate properties from us with our built-in direct blanket mortgage. We can do up to 100% LTV, so long as you can prove credible repayment vehicle(s):
Blanket mortgages are not meant for primary residences, vacation homes or beginner real estate investors.
FEATURES
A blanket mortgage covers multiple pieces of real estate, including developed or undeveloped land and commercial or residential property. The assets, which can be land, buildings or a combination of both, serve as collateral to secure the mortgage.
The real estate is held together as collateral on the mortgage, but the individual pieces of the real estate may be sold without retiring the entire mortgage.
Blanket mortgages typically include a release clause, allowing borrowers to sell properties and remove them from the blanket loan without refinancing or taking out a new mortgage. Additionally, the borrower has the option to refinance or retire the whole loan whenever they’re ready.
Geographic limits: Blanket mortgages may restrict all of the financed properties to be in the Greater Accra Region.
Down payment: Blanket mortgages may require a 25% to 50% down payment. Comparatively, normal repayment mortgages may require 15% to 20% down, or none at all.
BENEFITS
Investors, developers, property portfolio builders and house flippers use blanket loans to save time and hassle when buying multiple properties at once.
- Real estate investors could use a blanket mortgage to purchase multiple properties in various locations.
- Developers could finance a large piece of land and then divide and sell it as smaller, separate lots.
- House flippers could purchase several homes to fix up and resell or rent out.
- Businesses could buy multiple locations for their day-to-day operations.
Time: It can take less time to review and sign the paperwork for one mortgage compared to several.
Access to equity: A blanket mortgage gives you access to the combined equity of all the properties.
BLANKET MORTGAGE FEES
It may be less expensive to cover the fees on a blanket mortgage for certain closing costs, such as origination fees - compared to the costs of taking out multiple mortgages. However, each investment property will need an appraisal (if not a seller-financed), and the mortgage interest rate may start at 5% to 12%, depending on our risk assessment.
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