Refinance from personal name to LLC and get a business LOC

[Jim Kalish]

We are trying to grow the business by increasing our portfolio of rentals and do some fix and flips. We've done a couple of successful fix and flips but want to get more serious about it. But like a lot of people cash is an issue. And our current properties are held in my name, not our LLC. We had to do that to get the mortgages early on and then some Home Equity Lines of Credit (HELOCs) on some of our rental properties. But we want to reduce my personal exposure by refinancing the properties that have mortgages in my name into our LLC. And at the same time get a business line of credit (BLOC) using the properties we have as collateral. We thought we found a bank that would do that but when it went to underwriting the final offer was no where near what the our loan officer said it would be. So I'm hoping someone has a lead on a lender who would is doing refis from a personal name into an LLC and also providing a substantial BLOC. I've learned that BLOCs are tied more to NOI and not property appraised value. Which is different than HELOCs. So if you have contact names I would be very grateful. Our business is centered in Charlotte, NC.

Thanks