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Updated about 7 years ago,
Refinancing through an LLC
So I am currently working towards buying my first BRRR property and have recently found a private money lender willing to set me up a line of credit to purchase and rehab a property. The only catch is that they will only lend to an entity, i.e. LLC. It has come to my attention that banks will not refinance a property through an LLC, which I was not aware of. If I were to form an LLC with two other partners, we buy the property and rehab it through the line of credit, is there a way around this to where we would be able to refinance the property through the LLC or would we have to transfer the ownership to one of our names, refinance, and then transfer the property back to the LLC?