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Updated almost 9 years ago on . Most recent reply

User Stats

47
Posts
3
Votes
Edward Beard
  • Real Estate Investor
  • Charlotte, NC
3
Votes |
47
Posts

Promblems Refinancing Property, NEED HELP

Edward Beard
  • Real Estate Investor
  • Charlotte, NC
Posted

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

User Stats

35
Posts
16
Votes
Justin White
  • Champaign, IL
16
Votes |
35
Posts
Justin White
  • Champaign, IL
Replied

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.

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