Lender for LLC at 75% or more on appraisal & No seasoning

[Michelle Azubuike]

Hi BP! My husband and I are looking to pay off our credit lines on our rental in Colorado with a mortgage loan in our LLC. Anyone know a bank that will loan 75% LTV on appraisal not purchase price - without a seasoning requirement? In Colorado? Thanks for all your help!! Michelle

[Kyle McCorkel]

I’m not in your market, but depending on what responses you get here on BP you might just need to start calling some banks. Try small/medium sized banks and credit unions....I.e. NOT Wells Fargo, BB&T, etc.

You want to ask them if they offer “portfolio loans”. That means that they keep the loan in-house and do not sell it. The gigantic benefit is that they are not bound by Fannie/Freddie guidelines. These banks are hard to find but once you do it can be a game changer!