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Updated about 9 years ago,
Calculating mandatory fees for loans and transfer from LLC
Hey folks,
I'm currently looking at a property which is cash only pretty much. Home is being sold as is and requires a roof replacement. I've started looking into private lenders and have found some business which I feel comfortable with. Home will become a primary residence once the roof repairs are complete and home is re-financed. Normally I would say a renovation loan but I don't believe the seller wants anything to do with a 60 day closing period.
I'm very new to this so I'm trying to figure out what are the mandatory fees.
Basically I am looking at getting an interest only loan for an LLC and purchasing the home in the LLCs name. Once repairs are complete I want to do a warranty or quit claim deed transfer from the LLC to my personal name so that I can refinance.
Property is in Florida, hoping to find out how to calculate the mandatory fees for first mortgage, deed transfer.
I greatly appreciate any info.