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Updated about 6 years ago,
Delayed Financing Question
I have a title/deed question on my BRRRR using delayed financing. This is my first B&H property, I paid cash and took title in my LLC's name. My rehab is complete and it's being marketed for rent. I'd like to refi out of it, but I'm curious how that would work since my LLC has the deed, and I have had a hard time finding a lender that will cashout refi in an LLC's name. Is this a possibility? Would I have to "sell" it from the LLC and take title in my personal name to get the loan, then transfer title back to the LLC once the transaction is complete? (I'm aware of the due on sale clause possibility)
A cash out refi is my first preference, but I'm also considering a HELOC collateralized against the property, which seems like an easier solution if I can't get around the issues with the refi.
If anyone can help me out with this, I would GREATLY appreciate it! Wishing everyone much success in 2019!
Jay