Delayed financing problem with LLC

[Mike Flora]

Ran into a small problem with a refinancing problem with my LLC, which is 50/50 ownership. Problem was with our cash out refinance at 6 months. Fannie stated that both of our names needed to be on the loan for the cash out refinance because we are 50/50 owners. We each can have ten properties with conventional financing and we want 10 properties each but having to put both our names on the loan takes that option away. Plan is, if we can do this, buy property all cash from our LLC checking account and put title in my personal name, then do immediate cash out refinance (delayed financing). Problem might be that Fannie will look at where funds came from, our LLC account that’s owned 50/50 and we run into the same problem????? I already know other solutions to this problem but this is how we want to do this in the future. We are also quit claiming back into our LLC at close of Escrow so loan will be in one of our names and property in the LLC name.