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