Cash out and refinance rental under llc

[Carlos Julio]

Hey BP forum, I need your advise here. I bought a rental sales price Jan 2022 $80K cash under a corporation with a partner with the idea of cash out and refinance and use the money for downpayment for the next one.

The property is located in Fort Myers, Florida (close to where I live) and I have been receiving push backs from local and community banks saying that the loan amount is below their threshold. What should i do?

OPtion 1: Do i keep looking to lenders that are willing to get this loan amount (have you seen cash out refi under this amount $50k )?

OPtion 2: One of the lender is bringing the option to transfer the title under my name and do the cash out and refinance One concern that i have with this options it is that my idea was to use the corporation to do partnerships with my friend, and use it as platform to create commercial history to keep building that for future, and on the other side use my personal loans to build my personal portfolio with my wife (not sure if my thinking is correct here).

Any other cost effective option?

[Carlos Julio]

Hey everyone I just wanted to keep everyone posted on my progress here and share learnings that I had during this process

Yes, it's possible. I was able to do cash out and refinance under a LLC by:

- finding small communities banks , call many times and got rejected due to the small loan amount until I found one so "keep calling "

-this bank typically has their own portfolio and are more independent to do this type of loan

-I was able to do the loan under the llc but I put myself as guarantor

-found a 3ARM 30 yr loan, not so favorable but will refinance in 3 yrs

Hope this can help other people

Thanks everyone