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Updated about 3 years ago,
Tenants by the Entireties and LLC Mortgage
Hi everyone!
So my husband and I have an LLC together which currently owns our rental properties. The agreement states "the Percentage Interest in the Company owned by [husband] and [wife], as Tenants by the Entireties, shall be 100%."
We have been trying to do a DSCR cash-out refinance and the lender is asking the operating agreement to be broken down as a separate percentage details of ownership.
Is this a standard request from a loan underwriting team? It seems the agreement to me is explicit enough and that both my husband and I own the LLC therefore should both sign for the new loan as managing members.
Am I not understanding this correctly?
Any advice here would be greatly appreciated!