Cash out Refinance of property in LLC?

[Justin C Huggins]

I have a rental property in the St Louis area, Illinois side that is completely paid off and I want to refinance cash out (25K). This home is owned in an LLC, so I have contacted a couple local banks. The ones I have spoke to so far have all wanted me to deed the home out of the LLC before they can refinance. Does anyone have any lenders they can recommend that will refinance in the LLC? I will deed it to myself if no other way, but would prefer to keep in LLC.

[Bob Floss II]

@Justin C Huggins That's absurd, the bank should not be telling you to deed it out of the LLC. It sounds like the person you talked to doesn't know how to handle it and wants you to make their job easier. I'd recommend looking up brokers or lenders that are used to handling commercial loans in your area.