Updated over 8 years ago on . Most recent reply
BRRR, bought in LLC, transfer to personal for refi (6-month wait)
I purchased a distressed property and took title as my LLC. I was told that in order to obtain conventional refinancing once the project was completed I would need to transfer title to my own personal name, complete the refi and could transfer it back to my LLC.
I get to the point now where the bank is ready to do the refi, and they are now telling me that Fannie/Freddie rules require that the title be in my name for at least 6 months before they can refi it w/ a conventional loan. This is the first that I have heard of this, and if this is the really the case, why isn't it all over the place on the forums and podcasts.... When BRRRR-ing a property, do not take title in an LLC if you want to refi w/ conventional financing in 6 months.
Thoughts?