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Updated almost 5 years ago on . Most recent reply

Joanne Kim's profile image
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Joanne Kim
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Joanne Kim's profile image
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Joanne Kim
  • Member since Dec 6, 2018
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Joanne Kim
2
Votes |
7
Posts
Private Lending & Conventional Mortgage Advice

Can you refinance a Duplex that is under an LLC?

Joanne Kim
Posted

Hi, I have a Duplex in Los Angeles. It is under an LLC. My lender says I can't refinance since it's under an LLC. Both units are occupied by tenants. Is there another way that I can refinance? Thanks

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Kevin Romines
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  • from Winlock, WA
  • Member since Mar 5, 2013
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Kevin Romines's profile image
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Kevin Romines
  • Lender
  • from Winlock, WA
  • Member since Mar 5, 2013
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Kevin Romines
  • Lender
  • Winlock, WA
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Kevin Romines
  • Lender
  • Winlock, WA
Replied

Best way to refinance this, is to put title back in to your personal name. Then refinance using a Fannie Mae loan for the best terms. Then once complete, transfer title to the LLC that the borrowers are the majority members of. Fannie Mae made a change to their rules on 6/1/2016 that now allows this without it triggering the due on sale clause. See the guideline below:

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