Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago,

User Stats

14
Posts
1
Votes
George B.
  • New York City, NY
1
Votes |
14
Posts

Best Path to Get Financing?

George B.
  • New York City, NY
Posted

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!

Loading replies...