Property currently in LLC need to refinance to Personal Mortgage - Issues

[Daniel D.]

Hey Everyone, 

So i was doing a flip which i purchased with a hard money loan under my LLC like i do 99% of the time. After renovating the property, i decided to keep it to myself and live in it.. Currently, im trying to get out of the hard money loan and go into a 30-year conventional mortgage under my personal name.

Most traditional mortgage lenders (loan depot, rocket mortgage etc) are giving me issues because the property is currently under an LLC and not in my personal name. How does everyone get around this? I own the LLC.

Thank you!! 

[Doug Smith]

First of all, Rocket is not your friend. I'm not licensed in NY, otherwise I would love to help. You have a couple of options. Many conventional lenders will allow you to treat it as a refi, but you can always treat it as a non-arms length purchase from the entity to you personally. You'll have some additional documentation, but it's not that difficult. My recommendation would be to let an experienced mortgage broker, not a mill like Rocket work with you. When I say experienced, I mean a pro with some miles on their boots. They'll be able to navigate the waters for you and offer solutions. Good luck to you!