Turning New Construction Sf Home (With Partner Through Llc) Into Personal PO Rtfolio

[Jeremy Frantz]

Hey all, I currently have a new home being built that I would like to keep in my personal portfolio. A partner and I created a new LLC (51/49) in which two other LLC's have interest in. We did this because initially we were just going to build/sell, but I would rather hold on to it. My question is: How do I properly take the interest that my LLC has put into the new LLC and give it to my person for the purposes of getting a loan from the bank through a refinance. The loan will be used to payoff the 49% partner and allow me to take some cash out. Here is an example with some figures:

My LLC total investment = $204,000
Partner LLC total investment = $196,000
Value of project when complete = $500,000
Each LLC value afterwards = $255,000 / $249,000

The plan was for me personally to go get the refinance loan because the terms are so much stronger than if I went portfolio with the LLC.

Loan total = $300,000 (keeping at 60% or under of value for best terms from the bank)
Partner LLC payout = $249,000
My LLC payout = $51,000

In this scenario, I am struggling to see how to get the remaining equity in the project into my personal name? 

Does the bank just realize since I own the LLC that has a 51% interest in the new LLC that it naturally flows down to me?

How does this look from a tax perspective. My LLC in this project is set up as an S-corp.

Thank you for listening and any color would be greatly appreciated. 

Jeremy, from Maine #207