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Updated about 6 years ago,
Non-Recourse Loan for LLC?
Hello BP friends,
I have an LLC that owns one SFR valued at about 250k in a beautiful neighborhood, and cash flowing nicely. Current commercial loan on it is about 130k and up for renewal in half a year. I can pay off 50k in cash, but I want to refi 80k with a 20 year amortization and a 5 year term. My goal is to pay off the loan completely in less than 5 years as part of my early retirement goal.
Is there a non-recourse lender who can do this, only based on the LLC financial statements, without bothering with all my other finances? I don't want to bother with the bureaucracy of a conventional loan for such a low amount and low LTV, and considering I'm financially in a transition period (closing my old business, changing career). I used a non-recourse loan in the past to purchase real estate in my 401k and it worked exactly like that, I paid it off in 3 years, but that lender only offers loans to 401k plans.
Thanks in advance for any help.