Refinancing LLC challenges.

[Mel Hayes]

Hey BP, I'm buying my first property using my LLC and Im curious about pulling money out as a company vs an individual. If your portfolio consist of properties own as a LLC and you have refinanced one or more of them, please share. Will I be better off buying as an individual if pulling money out is apart of my goal? will I have any problems buying as a LLC? Thanks BP

[Mel Hayes]

Originally posted by @Herly C.:

Hi Mel. I'm sure every lender differ and you'll get different responses. My personal experience, I was able to refinance a property I own in an LLC and get cash out. The bigger banks were harder to do it. A local credit union was more than happy to refinance but no cash out. I did find another smaller bank locally that did allow the refinance and cash out. So, my response would be to shop around and talk to different lenders. I talked to multiple banks before finding one who was willing to do that for me.

 Thank you Herly!