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Updated almost 4 years ago,
Refinancing to my LLC?
Please.. Someone help me. I am so tired of all of this legal nonsense, paperwork, questions. None of this is getting me closer to a deal and I feel like I'm going to pass out.
I am looking to buy a small multifamily in KC with a capital partner. We will be using hard money to acquire and fund the rehab. After a period of time we will be refinancing the deal and pulling our money out. I don't know how LLC's, JV agreements, all of this garbage works. I feel like I'm losing my mind.
The lenders I've spoken to can't give hard money to private parties. We were planning to just close as two private parties with a JV agreement in place outlining the relationship.
With this said, how will a brand new LLC affect getting a fanny/freddy backed 30 year mortgage on the property? I can see this being a red flag. How will we get a good loan if we're a brand new business?
I need help. I'm exhausted dealing with all this.
Thank you.