LLC Cash Out Refi - Can You Get 30 YR Amorization

[Andrew Hejtmanek]

Friends, 

My partner and I are currently rehabbing a property in Tulsa, Oklahoma. We will have pretty good equity in the property when completed. We would prefer to hold the SFR for 2-5 years, but banks I have spoken with are not willing to go more than 20 years on the amortization (5 YR balloon, 20 YR Amortization). I have spoken with quite a few organizations & decided I would seek input before inquiring with local bankers. Is anyone seeing 30 year amortizations on LLC debt for properties that are not new (this one is a 1950's SFR in a very strong neighborhood).

Thanks for the feedback.

Andrew

[Michael Slockers]

@Andrew Hejtmanek

Like you I haven't seen it offered for LLCs. 15 or 20 is typical.

I have done a 30-yr conventional against my own name then transfer the property back into my LLC. That probably isn't ideal for a partnership situation I'd imagine.