Finding a bank that will loan to a LLC, 30 Year Fixed

[Adam Bromlow]

My wife and I own 17 properties and we are wanting to refinance 11 of them but we are having a hard time finding a bank that will work with us. The problems we run into they won't loan to a LLC, Population density(because some are in a small town), Rent is not high enough. We are looking to do a 30 year 3-4% interest bundle, current payoff is $260,000, Estimated Value is $495,000. We would like to do a cash out refi. If anyone has any suggestions on a bank please let me know. I have already tried the banks suggested on BiggerPockets.com Thank you.

[Ned Carey]

@Adam Bromlow most banks sell their loans to a secondary lender like Fannie May or Freddi Mac. These secondary lenders to not buy commercial loans (to an LLC)

You need to find a commercial lender. Your best bet for a bank is a small local bank. They are sometimes "Portfolio Lenders" this means they lend their own money and keep the loans in their portfolio.  Most of these will have a call or rate adjustment after 5 years.

A better option is Debt Coverage Service Ratio (DSCR) loans. These are national lenders who loan to investors like us. Companies like Lima One, Lending One, Dominion Financial and many others do these loans. They generally do no need tax returns. Your credit only needs to be reasonable. Basically they want the rent to be able to cover the Mortgage payment by a certain ratio. Also the property need to appraise for enough. They lend 65 to 80% LTV.

Rates are going to be higher but it is possible to get 4.5% pretty easily and you can buy down to 3.5%