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Updated almost 7 years ago on . Most recent reply
Cash Out Refinance Investment Property Chicago
My multi member LLC owns several rental units in Chicago. We do not currently owe any money on the units but were looking to get a cash out refinance loan on one of the properties. As of now I am the only member whom can qualify for a loan and wanted to know if it is possible that one member can be the sole applicant of this type of loan? Also any recommended lenders that offer non owner occupied cash out loans?
Most Popular Reply
Originally posted by @Nova Dear:
My multi member LLC owns several rental units in Chicago. We do not currently owe any money on the units but were looking to get a cash out refinance loan on one of the properties. As of now I am the only member whom can qualify for a loan and wanted to know if it is possible that one member can be the sole applicant of this type of loan? Also any recommended lenders that offer non owner occupied cash out loans?
It sounds like you are talking about 30 year fixed residential loans. The property is held by a LLC. You cannot get residential loans with a LLC, You need to be talking with commercial lenders
- Brie Schmidt
- Podcast Guest on Show #132
