Northeast Ohio - Cash Out Refinance to an LLC

[David Robinson]

Does anyone know of a bank or credit union in the Northeast Ohio area that does cash out refinance loans in the name of an LLC? Several times I've called around to a number of places, but I've only been able to find one that does them. However, in addition to being hard to work with they have some rules that seem much more restrictive than I've been led to believe is possible (most notably the fact that they will only base the LTV on purchase price + reno costs for at least 2 years after purchase, whereas from reading posts on this site I thought it was generally either 6 months or a year).

I have been told by some of them to transfer the property into my personal name, get a personal mortgage, and then quitclaim it back to the LLC - but that's not really something I'm interested in. Besides seeming a bit dishonest to me, one of my goals is to keep the debt in the name of the business and off of my credit report, so doing that wouldn't really help.

Thanks for any help anyone can provide!