Cash Out Refi Questions

[Michael Clevenger]

Hello BP,

 Getting into Multi-Family and have a few questions that have stumped Google :)

Perhaps, I'm asking the questions in the wrong way however I cannot find a clear answer. Any help from the experienced multi-family would be great!

1.If property is purchased in an LLC, Does this effect the cash out refi eligibility? (LLC VS personal name)

2.If property is paid with cash how long until I can qualify for cash out refi?

3. If property is 5+ units does this make it commercial? If so can I still refi?

4. Is the cash out refi what I need to pull money from the property in order to purchase others? Or is there a better way (other than saving over time). 

[William Collins]

1) Yes the property eligibility is affected. Fannie and Freddy loan to individuals and not LLC's.

2) Varying by bank, 3 months to a year on non commercial- as soon as same month as rent on commercial. 

3) Yes, but you need to talk to the commercial department.

4) That's what I do.