Frustration with REFI (another disadvantage to LLCs)

[Kenneth LaVoie]

good morning everyone,
I have been looking nationwide for full terms fixed rate financing and cannot find it. I have encountered a recent killer deal, but most banks will NOT loan to you period, if your LLC owns the buildings, (except under commercial program) even if you personally guarantee the loan for these "killer deals." Here's what I have now, here's what I've discovered, and here's what I'm looking for. can anyone point me in the right direction? My conclusion, after exhaustive searching is that there simply is no such thing as "full term" financing for any apartment building. period. It seems like everyone on BP except me, though, has a 30 year fixed rate mortage on their multi unit buildings so I'm assuming I'm just not looking hard enough ... here goes ...

I have 12 buildings, both 1-4 units and 5-11 units. I have grown fast so my tax returns are "just getting back" into fighting shape. My DTI's are a little challenging.

My 1-4's are all 3/3 ARMs, 20 year terms, 5.25% right now. A few are set to reset within a few months at 4.375. My 5 plus units are financed at 5%-5.5%, 20 year terms, 5-4-3-2-1 pre pay penalties. and they are 5/1's. These are very low cost loans. And the 1-4 units, I can pay $250 and re set them at the prevailing rate if I want, no questions asked.

I've "almost" qualified for FNMA type loans, as I 'm still under the 10 prop mark (they dont' count 5+ units and they don't count free and clears), but my DTI's are not quite there.

I qualified fully for refi'ng any of my 1-4 units, 30 years, 4.75%, 75% LTV, reasonable closing costs. BUT ... 85% of the way thru the process the banker asks, oh, by the way, do you or an LLC own the properties? and that disqualified me. I've asked about moving the properties OUT of the LLC, but my lawyer says, "hey, you'll probably be ok, but there are several scenarios where you could lose your shirt." (building burns down, family dies, building not up to code? (my newest building was built in 1890. Hmmm...wonder if there's anything that IS up to code!!) then insurance won't cover you, so I've decided not to risk it.

Are there any alternatives? Does anyone know of a way to find this type of financing? (hint: I've tried every bank in Maine already). Has anyone had luck with private investors or private financing, etc??

Thanks much!