How many rental properties can I have loans on before the bank stops loaning me money at an affordable rate?
How many rental properties can I have loans on before the bank stops loaning me money at an affordable rate? Or until banks do not loan to me at all- all of my properties cash flow nicely.
Thanks for the info
Tags: Affordable, Bank, Before, loaning, Loans, Many, Money, properties, Rate, Rental, stops
I ran into that recently. My usual lender refused to give me any more loans citing a company policy that restricts the number of mortgages they can issue to any one person. I solved the problem by going to a different mortgage company and I got the same low rate as everyone else.
The problem isn’t the number of loans. It’s the number of loans with a particular lender because they like to spread the risk around. They don’t want all their eggs in one basket.
Every lender has different guidelines, so there is no one answer. As far as affordable rate… probably not that affordable anymore.
I have run into trouble with a limit of 10 per bank. None go over 10, at least for me. At 30 properties they squabbled about it a bit, but I am still getting loans.