Updated about 14 years ago on . Most recent reply
Hard Money to Conventional Financing
I purchased a 3 unit a couple months ago under my LLC. It was a strange acquisition process and this is how it went down. I bought the property cash because that was what we originally offered and they would not let us change the terms ( we tried to use hard money ). I had to borrow 70k from my parents and the rest of the cash was my own. So i did a hard money refi on the property and paid back my mom and dad.
The refi was a 12 month interest only balloon at 12% and cost me 5 points. The property comps out for around 130k low side 140k high side. We purchased the property for 93k and put 15k in rehab into it.
My first question is, is there any way to get conventional financing under an LLC? Am i correct that i would have to transfer the property to my personal name to get a conventional refi? Can i get a cash out refi, or does it have to just be a non cash out refi? What is the seasoning requirements for this property for the conventional refi process to take place?
Thanks for your time.