Finding a fixed 30 year in Oklahoma

[Josh Chappell]

I currently have a few SFR's and MultiFamilies and have them all on commercial loans from 5-6% interest / 20 year / adjust every 5 years.

I have contacted my lender and a few others that are local and am having a hard time getting a straight answer to some questions. I have always done commercial, in-house, 20 year loans with my current banker because it is super flexible and he is awesome BUT with rising interest rates and my adjustable loans continuing to come due I am thinking about getting 30 year fixed loans BUT each lender I have contacted has told me that I cannot get this done with my LLC on the loan?? Is this true?? Do I have to put my personal name on a 30 year fixed?? If so, do you all do this??

Any and all help, direction, or insight in what you all are doing to mitigate risk and take advantage of fixed low-interest rates would be great! Thanks

[Scott England]

Josh Chappell
Nearly all 30 yr fixed loans (on SFR, at least) are agency backed loans, so Fannie Mae, Freddie Mac, etc. These agencies have specific directives as government backed entities, one of which is to promote home ownership (as opposed to commercial lending). This is why an LLC cannot be the borrower on these loans and why you are getting those answers. You would have to qualify and close personally, then transfer title to your entity.
There are a few non financial institution outlets offering a 30 yr fixed on SFR. Citadel is one that comes to mind.