Is Anyone Still Lending on Portfolio/LLC Loans??

[Mike Teri]

Hi NY/NJ BP community, I hope you are all faring OK through these crazy times we're enduring.

My business partner and I are stuck -- we have finished the rehab portion of our BRRRR strategy on a duplex in North Jersey and are trying to refinance out of our high-interest hard money loan. It turns out that most brokers who typically will offer attractive refinance products (75-80% LTV) on an LLC-owned multi are currently frozen or are offering poor terms during the shutdown, which has no end in sight. Is anyone refinancing LLC-owned properties right now in the 75% LTV realm??

As always, thank you all in advance for your help!

[Jay Hinrichs]

Originally posted by @Mike Teri:

Originally posted by @Whitney Hutten:

@Mike Teri Non-QM loans are frozen right now until the servicing piece can be figured out.  I'd keep checking back with your lender every 2 weeks for the moment.  You can also explore a local bank if they hold their own paper.

Thank you, Whitney! I have reached out to quite a few community banks but I am at the mercy of voice mailboxes right now as most of them are shut down. I will keep trying, but it's good to be able to narrow the focus since it seems like the situation for non-QM loans is not lender-specific.

my advice ESPECIALLY if this is a NJ property where foreclosure takes forever and a day .. is again get with that lender.. Any BRRRR HML right now that does not cut deals probably was not in business during the GFC and saw the carnage.. Be reasonable though they are probably not going to match long term rates but if you can get to a break even or just after rents couple hundo a month.. but give you a year extension thats a good outcome.. Be pro active