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Updated almost 5 years ago on . Most recent reply

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Tyler Edmunds
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Cash-out Refi - Transfer property from my LLC to me personally

Tyler Edmunds
Posted

I own an investment property (owned free & clear) in Ft. Lauderdale FL which is held in an LLC. I had great tenants in there for about 5 years and after they moved out I decided to remodel the house and it looks beautiful. I recently sold my home and I'm actually looking at moving into this property and make it my primary residence. I'm looking to do a 70% cash-out Refi to fund some other real estate investments.

It is my understanding that most conventional lenders want the property in my name (as opposed to my LLC). Is it enough to do a QuitClaim Deed or would I need to do a more formal type of transfer before being able to apply for a Cash-out Refi with a conventional lender? Any suggestions would be greatly appreciated :)

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