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Updated about 6 years ago on . Most recent reply

Rigo V.'s profile image
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Rigo V.
  • Investor
  • from Morris Plains, NJ
  • Member since Jan 20, 2017
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Rigo V.'s profile image
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Rigo V.
  • Investor
  • from Morris Plains, NJ
  • Member since Jan 20, 2017
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Rigo V.
  • Investor
  • Morris Plains, NJ
47
Votes |
294
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Buying & Selling Real Estate

HML only close in LLC. Lender won’t refi In LLC.

Rigo V.
  • Investor
  • Morris Plains, NJ
Posted

So I am looking to buy a foreclosure. I need to get a HML since the property needs a bit of work and a conventional loan won't work.

The bank I found to do an 80% ARV cash out refi doesn't close LLC's unless it's a commercial loan.

Do I need to find a new bank to make this transaction work?  

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Mark Creason's profile image
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Mark Creason
  • Real Estate Lender and Broker
  • from Dallas, Texas
  • Member since Aug 21, 2013
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Mark Creason's profile image
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Mark Creason
  • Real Estate Lender and Broker
  • from Dallas, Texas
  • Member since Aug 21, 2013
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Mark Creason
  • Real Estate Lender and Broker
  • Dallas, TX
498
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Mark Creason
  • Real Estate Lender and Broker
  • Dallas, TX
Replied

@Rigo V.

Any loan closed in the name of your LLC will be a commercial loan. Fannie, Freddie, and FHA do not do loans to an LLC.

Mark

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