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Updated about 3 years ago,
LLC Refinance lenders in Milwaukee - Stuck on this step
Alright Group need some help.
I own several properties now in the city. My last purchase I used a hard money lender, did my rehab, got it rented, all set to go except....I can't refi...I am not sure what my move is now, my hard money loan is about to get extended but the payments are killing me since I cant get out of it. The kicker is I have deals and investors lined up to go for new properties just waiting but for the life of me I cant get the financing to work out. I used to think finding the investors or the money was the hard part but that is honestly the easy part, finding lenders is a thorn in my side that is just getting twisted. I have gone to several banks, credit unions, my go-to mortgage broker but all I am finding is that this BRRRR strategy seems like total BS!! Really frustrated at this point, but I would love some lenders that work with LLC's. I have summited with lenders that partner with hard money and one said that I need year leases, but almost all the leases that I have run into in the city are month to month! I have 4 properties and I have one house on a year lease. I have leases in place for all my properties, I have renters in place, one who has been in the property for 30 years, yet I can't find the lenders. I want to go through my LLC because I set everything up that way very methodically, but all the sudden that seems like its harder too, they want more personal information or they are suggesting hybrid loans instead of ones that are just with the LLC, seems like it should be simple, but I am finding this step more complicated than anyone ever says it is. This is the last piece of the puzzle, I got bomber real estate agents, I got all the contractors, I have hard money ready to go on new properties, I have investors ready with money, I have my LLC, I got the deals, if I get my lender issues solved I can scale quickly and get my plane off the runway. Yet here I am stuck, I feel like I have done every step right, every thing is in place yet all I am finding is lenders are getting pickier and pickier, like it used to be get it rented, now its get it rented with a year lease I really need some help on this one. I have been trying to get through this on my own and learn from the process, but at this stage of the game I need some guidance, any specific lenders or advice would be amazing. I would even take stories or encouragement at this point!
Thanks in Advance!