Understanding the process

[Tieneasha Bastian]

Okay so we purchased a property under LLC with a hard money lender and I'm just trying to get an idea and have a clear plan for when it's time to pay the hard money lender back we thought that we would owner occupy the property but it seems that there are not many lenders who do a cash out refi for owner occupied only investments such as rentals.

does anyone have experience with taking a property that was purchased under your LLC and transferring it into your personal name

also scenario home is purchased rehab is completed what will we have to do next to have it on or occupied and proceed with the cash out refi or if we get it rented out what are the next steps

[Tieneasha Bastian]

Originally posted by @Michael Glist:

So as mentioned you can transfer it from the LLC to your personal name and then start the process of getting a conventional owner occupied loan. If you do this just make sure to talk to the lender(s) to see if it changed the timeline at all. Some lenders may require a 6-12 month period from the date of the transfer before you can refinance, so make sure you know what that timeline looks like first so you can then make arrangement with you hard money lender for an extension if that timeframe fall outside your original term with you hard money lender.

Also as mentioned you can transfer it back to you LLC after closing, just make sure to read your loan documents. Some lenders will have a clause in the loan documents stating if you do this they can call the balance due in full.

 Thank you so much for this information