Pulling $ out of paid in full rental?

[Joe Campbell]

I am literally at a dead end here and I am wondering if BP members have come across a similar situation to this....

Myself and another investor own 2 properties, paid in full.  One has a value of approximately 110k and the other 70k.  They are cash flowing nicely as rentals but we want to tap that equity to use as a down payment on our first 4 plex.

We have talked with several residential lenders and since the properties are held in an LLC they won't do a refi. They advised us to go to a commercial lender like a bank. We went to Chase and they stated they do not offer any type of loan for a situation like this.

Help!  Where do we go from here?

[Chris Eaker]

@Joe Campbell

Are you speaking to local community banks? Also, you might need to take the title out of the LLC and put it into your names to do the refi. Both of you will probably need to sign on the note.