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Updated over 7 years ago,
Rentals under corp hard to refi help
I started my business in California flipping about 5 years ago.
I started keeping some properties as rentals under my corporation with hard money loans.
I'm cash flowing even with these hard money loans but I'm trying to refinance so I can use the equity and get rid of the high interest rates but it's been impossible to do. I have been to 5 different banks including a local credit union bank and none of them have been able to help me. The reasons they have given me are that, I don't show enough income, the houses are in the corporations name or they just plain don't call back. One lender told me that I couldn't get any cash out of these properties because they were in the corps name. That I needed to have them in my name personally for at least six months before they would look at taking cash out. I'm getting really frustrated with these people so I'm looking for answers to my situation because I know there's someone out there that has gone through this
1st property owe $27,000 -worth $200k residential
2nd property owe $100k worth $230k duplex
3rd property owe $67k worth $200k residential
4th property owe $90k worth $220k duplex
These are all fully rehab properties that I have rented and have equity .