BRRR Troubles with LLC

[Mike Desmarais]

Hey Everyone!!

My business partners and I are in the beginning stages of getting our rental portfolio going and about to close on our first SFH. We're paying cash for the first house and it will be in the LLC. The issue we're having is when it comes to the refinance part of it we can't find a bank or lending company that will do a HELOC in our LLC, they want to put it in our personal name(s). Our lawyer is advising us against this but seems we're at a road block. We did find a lender that will do a cash out refi but we would rather do a HELOC so we can keep pulling from that down the road. The issue with that lender is that they don't deal with property values under 75k and don't deal with HELOC's. The purchase price of our first one is 42k with a value of about 50k. We're located in the metro Detroit area and are open to suggestions. Does anyone have any ideas?

Thanks in advance!!