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Updated about 5 years ago,
Converting an LLC private loan to a Conventional in Hawaii
I built our personal home with private money at 10% interest only in my LLC in Kona Hawaii. We are putting 200k down and borrowing 900k. The home is worth about 1.1M. My question is what is the most effective way to Quitclaim from LLC to Personal and should I borrow less because there is equity already since I have 200k to put down.
Is there any advice on converting to quit claim and avoiding closing costs. Would this be considered a NEW PURCHASE or REFINANCE? What avoids the most fees. Mahalos!