Lease property on HML to tenant instead of refi

[Samson Tefera]

I have a property for sale on a hard money loan which is due in 1 month. Property is under my LLC. I do not want to refi under my name and keep the property.

I want to extend the hml, interest only, and rent it out. If tenant rent covers the mortgage and I cash flow $500/month, fully inderstanding that it is interest only payment to hard money lender, and with the understanding that if I refi, some of the loan would go towards equity, why not just do that rather than incurring closing costs for refi?

[Kerry Baird]

See if you can extend, as time is getting short on that balloon. 

Small, local lenders to include credit unions, small community banks and local commercial lenders will work with ownership in LLCs.

The next tier of choices are the "portfolio" lenders, such as MOFIN, Corevest, LendingOne, Visio and the like.