Refinance/Cash Out - Did I mess up?

[Patrick Nuciforo]

I turned my primary residence into a rental property. Did everything right by getting the correct insurance into my business name and changing the title into the business name (cost over $2,000 to the State of Florida to have that done). I have a large amount of equity built up that I want to pull out and use for another investment property.

So I contacted my mortgage lady and she said that I cannot refinance it because I changed the title to my business name. That makes sense because I cannot do a personal loan with the title in a business name. So she said I could do a personal loan refinance and change the title back into my personal name after closing. I don't want to do all that! She said that she is going to try and find some non-conforming loans that might loan to my business name and me. However that would probably be a higher rate and would not be 30 years.

Furthermore I want to take the money and buy another rental property which she mentioned we could put in my personal name to get a lower rate and then change over the title into my business name after the fact. Is that right?

So needless to say I'm confused and not sure what route to go. Any help or guidance would be appreciated.