Local Lending for LLC

[Christopher Canning]

I'm looking to implement the BRRRR strategy on my first deal (SFH), but before I get in too far, I wanted to have a short list of local banks here in the Charleston, SC area lined up that could do a cash out refi for an LLC with a 15 or 30 year fixed rate.

The couple of banks I spoke to said that they could only do a commercial loan that would be amortized over 20 years with a 3 or 5 year balloon payment if the LLC was a full owner or a partial owner of the property. I'm willing to cosign the note with the LLC until the LLC has an established track record, but I want the LLC to actually own the property.

How is everyone else doing a cash our refi with their business and what banks are you using?

Thanks,

Chris

[Troy Gandee]

@Christopher Canning I'm surprised they're telling you that you need to do any type of balloon payment for conventional funds on a residential investment. Usually, those balloon payment loans are used more for 5+ unit commercial properties. I've spoke to First Citizen's quite a bit about different investment loans and I've been very impressed with them. The mortgage broker I use for all of my primary needs and refer all of the clients to can get Fannie and Freddie rental property loans, which are 30 year fixed rate loans. I'm more than happy to send you her info.