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Blanket Loans

Blanket loans give you the option to finance multiple properties with a single loan, closing, and payment. At Guardian Savings Bank, we offer a few blanket loan options to choose from.

Basic Blanket Loan

With a basic blanket loan, you can use the equity in your current home for the down payment on a new home, removing any contingent offers and consolidating the payments for both homes. This loan also gives you the flexibility to move into a new home before selling your old home.

Blanket Loans for Investors

Our investor blanket loan option allows you to combine property values and leverage your equity whether for a cash-out refinance or to expand your portfolio.

Blanket Construction Loan

Our blanket construction loan takes the stress out of building a new home. This option gives you the freedom to build your dream home while staying in your current home with only one payment to worry about.

With interest-only choices and the capacity to transfer equity effortlessly between properties, blanket loans do away with contingent purchase contracts, streamlining your family’s move.

 

Specialty & Construction Financing

A blanket loan is a financial strategy that allows a homeowner to purchase a new property before selling their current one by eliminating the sale contingency. In a competitive market characterized by high buyer demand and limited inventory, removing this contingency significantly improves the chances of having an offer accepted. The process and benefits of a blanket loan include following:

  • Utilization of Equity: To qualify for a blanket loan, the borrower must have a substantial amount of equity in their current home.
  • Leveraging Assets: This existing equity is used to purchase a second property, often requiring little to no down payment.
  • Loan Consolidation: The lender pays off the original mortgage on the first property and rolls it into a single, larger mortgage that covers both properties.
  • Competitive Advantage: Because the loan-to-value ratio is favorable, these loans are viewed positively on pre-qualified letters, making the buyer’s offer more attractive to sellers.

A blanket loan is a financial product that allows a borrower to combine multiple properties into a single mortgage. Utilizing this type of loan eliminates the need for a contingency offer when purchasing property. In many instances, this product allows the borrower to complete a closing with zero dollars out of pocket.

These loans enable individuals to continue living in their current home while simultaneously building a new home.

A blanket loan is a financial product that allows a borrower to combine multiple properties into a single loan.

Benefits for Homeowners:

  • Convenience when selling a home by removing the need for a contingent offer.
  • Homeowners can move at their own pace, as they only have to move once.

Benefits for Investors:

  • Investors with multiple rental properties can combine them into one loan.
  • This structure makes it easier to take out additional cash to renovate existing properties or purchase new ones.

Guardian Savings Bank specializes in construction loan products for those in need of financing for building projects. The bank offers blanket loans that cover two separate properties under a single loan. These specialized loan products are designed to make the borrowing process easier for the customer. Interested borrowers are connected with dedicated loan officers to manage the experience.