Getting a loan under my LLC

[Roberto Vasquez]

I've bought a property, got the money from a hard money lender, after fixing it up I've decided to keep it as a rental property. I am looking for a lender to refinance the property to pay off the hard money lender and also to get money out to keep investing. This is the best I've got so far, rate of 5.25% for 30 years, origination fee of 2%, service fee $999, pro rated interest $566, third party costs TBD, 75% loan to value. pre payment penalty if I sell it before 3 years...Is this normal for refinancing under an LLC? Does it sound good? Thanks.

[Roberto Vasquez]

@Lien Vuong Hi, thank you, and yes you are right. One of the banks actually offered me that option, but only to refi and pay off my debt, but in order for me to get money out they mentioned I will need to own the property for at least 6 months.