Refinancing Rental Property from LLC to My Name

[Lemanuel Turnipseed]

My only property, is a 3 bed/1.5 bath single family home (SFH), under my LLC. My interest rate is a five year balloon loan at 5.9% with a final payment of $33,258.21 due on October 5, 2023.

Total collateral value: $92,000

Original Note: $64,150

Payoff: $52,794.67

Pledge LTV: 57.14%

I’m with a local bank, but wanted to use if I could get a lower interest rate and a 30 year loan in my name? Would this be wise? All advice and financial strategies are welcomed.

I also want to use the equity in this property for my next SFH or possibly multi-plex.....

Lemanuel

[Andrew Postell]

@Lemanuel Turnipseed you can absolutely find a lender that will do a 30 year fixed rate loan here.  If you would like, post this in the state forum where the property is located here on Bigger Pockets.  There's usually some good locals who monitor those forums and I think they might be able to point you in a good direction for a local lender.  Hope this helps!