It may be Possible using a Technique called a "Blanket Mortgage", where Multiple Properties are used as Collateral Including the Property Being Purchased. There has to be Sufficient Equity to Satisfy the Lenders Requirements. Each Lender has their Own Guidelines for this.
Additional Considerations: Will the lender Allow the Blanket Mortgage to be removed and let the property to stand on its own merit if there becomes sufficient equity in it?
Will the Lender Permit a "Substitution of Collateral" ? This will allow you to Change the Properties Under the Blanket Mortgage if you want to Sell or Refinance one of the Properties and Still Keep The Loan - Requires Appraising the Property/Properties being used.
Use as Few Properties as Possible when Requesting this Type of Financing.
Jun 23, 2013