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Updated over 4 years ago,
Best Path to Get Financing?
Hello everyone! I hope you and your families are doing well in this bizarre time. Hoping some of you can help with some suggestions on my situation.
I have a house in Philadelphia that is vacant and needs to be renovated. Back in March I was looking to sell, it was supposed to close on or before 4/30, but the buyer couldn't close. Now we're in this pandemic and I'm not confident I'll get what I could have gotten for it. So I'm considering renovating it, renting it, and holding.
If I choose that path, I will need financing. I'm not sure of the best path for me to pursue financing, since the property is presently owned by my LLC (single-member) and I've read here and other places that people have difficulty getting the Banks to lend to an LLC. So do I try to call some of the banks? Do I try the Hard Money route? I don't even know what kind of loan product I should be looking for - would I be seeking a line of credit? A cash-out refinance? A regular refinance?
What would you do? What's the path of least resistance? What's the best/most efficient path to get cash in this case?
Thank you all in advance!