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Updated almost 9 years ago on . Most recent reply
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Promblems Refinancing Property, NEED HELP
Back in May 2015, I purchased a property all cash, rehabbed it, and rented it out. I am now looking to pull my cash out of the property to rinse and repeat. There are a few gotchas as to why the refinance has been a headache:
1.) The property appraises for less than 65k, which means conventional loans are out of the question. Ive also checked with lenders such as Visio lending, they have a minimum of 50k loan as well.
2.) The property is owned by my LLC, I dont have a problem quit claiming it back into my name for the sake of refinancing the property.
3.) The property is located in Jackson, MS and I live in North Carolina. Most people are going to say I should check with local credit unions and banks. I have chatted with SEVERAL local banks, they are not willing to lend to me because I dont live locally.
Any other ideas? I really want to get this home financed into a 10-15 year loan.
Most Popular Reply
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Do you have multiple properties like this?
If so, you could bundle them and get a commercial loan. Commercial lenders are used to dealing with LLC's too.