Cash Out Refinance on LLC Property

[Karen C.]

Hi everyone! I am looking to do a cash-out refinance on a Florida property we've had for over a year now. The property is titled under our LLC but I'm having a heck of a time finding a bank willing to do this directly under the LLC. All so far have told me I should transfer the title to my name, refinance, then transfer back, which is not something I'm particularly interested in doing. Has anyone had any luck with this in the area? Could I even do this with an out-of-state bank/credit union? I'm getting slightly defeated from my lack of success here. :-P

[Jessica Tsao]

@Karen 

@Karen C. I just did a Cash out DSCR loan in my LLC 30 yr fixed 4.25% rate for a duplex in Boise ID. It can be done. It's a hard money loan. It doesn't go on your credit report. It will use the income from your rental to qualify. 620+ fico is the minimum needed. Best rates of course is 720+ fico.