Best Finance options for refi on a rehab loan in a LLC

Best Finance options for refi on a rehab loan in a LLC

Investor · Blue Bell, PA · Member since 2014 · 9 posts · 1 vote

Hello,

I am looking for some advice and possible contacts. Currently, I have one property in an LLC which was financed as a rehab loan. I have since fixed it up and got tenants in there. I am now currently looking to refi in order to lock in a lower % rate and take some cash out for my next property.

I am having some difficulty in finding a finance company that will offer the LLC a loan. I am currently unemployed and trying to do real estate full time. I do have some cash reserves. I also have two other properties which are not LLC'd currently.

Could anyone possibly provide me some insight on how best to get a loan for this LLC? Contacts for financing or where to look would be great! I was thinking ultimately a portfolio loan but I have 3 single family homes at the moment and was under the impression you need 4?

Any help with this matter would be greatly appreciated.  

Thanks in advance!   

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  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    7y

    @Kate M. Sounds like you are attempting to make this happen with a conventional lender...lending laws don't permit these guys to originate to an LLC...if this is your chosen course, you'll need to transfer title to your personal name...but since you are unemployed this will almost certainly hit a brick wall.

    I would look for a loan broker...they'll figure out something...in my opinion the fees are worth it if they can make a deal come together...you'll likely be looking to a commercial lender...but most have minimums for portfolio type loans...$500k combined appraised value....and you'll need a good equity position and strong cash flow.

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  • Investor · Blue Bell, PA · Member since 2014 · 9 posts · 1 vote
    7y

    Thank you for your response.  So my best bet would be a commercial loan broker?  could you please possibly point me in the direction of one or two?

    thanks!

  • Member since 2019 · 151 posts · 20 votes
    7y
    You can pm me regarding this matterOriginally posted by @Kate M.:

    Thank you for your response.  So my best bet would be a commercial loan broker?  could you please possibly point me in the direction of one or two?

    thanks!

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