Commercial Loan on Triplex

[Jeremy Taggart]

So I currently have a triplex in my own name that has an FHA loan on it. I have since moved out and would like to refinance but the comparable sales aren't high enough to get me to 75% LTV without having to put my own money into it. I would like to put this property into an LLC since I no longer need it in my personal name. Would it be possible to get a commercial loan on it and have it valued based on the income approach if it's in an LLC? Because I would have more than enough equity in it to refi if it was valued based on the income approach rather than based off comps. As far as I am aware though 1-4 is always residential and valued based off comps. However I've heard of people getting commercial loans even on single fams that are in LLC's.

[Daniel Molina]

@Jeremy Taggart you can get this asset financed under an LLC, especially when using specialized lenders. Even when going this route, your assumption is correct it will often times be based of comps since it is not a true commercial unit.

If you have any additional non-owner occ assets you may be able to get a portfolio loan. Typically those are looking for at least 5 units. Feel free to PM or call if you want to go over any additional details/questions.