Bank that do not required seasoned properties for loans

[Eugene DuShawn Smith]

Good Morning, I live in Florida and I've owned a town house in WV for just under 5 years now; 4 years and 2 month's to be exact. It currently has a mortgage and has been occupied with tenants for just over a year and I'm now wanting to put that home under my LLC, but cannot find a bank willing do a (LTV) loan to value because the home isn't seasoned meaning it hasn't been occupied by me or a tenant of mine for 5 years or more. does anyone know of a bank that that can help?

[Kevin Romines]

I have never heard of such a seasoning requirement. I'm not sure if I am misunderstanding what you are saying or if the lender has some highly oddball seasoning requirement? You can now do both a Fannie Mae and Freddie Mac loan in your personal name and then transfer the title to and LLC after closing without violating the Due on Sale clause. Fannie changed theirs back in 2016 and Freddie Mac just changed their rules allowing this.

That said, the best terms you will get for this loan will be Fannie Freddie. You can also do a Non-QM loan directly to your LLC with you giving a personal guarantee. There is only a seasoning requirement if you want to pull cash out and that is 6 months with Fannie Freddie or 3-6 months with Non-QM loans. If you don't want any cash out, there is no seasoning requirement. There is no additional seasoning requirement to move the property to an LLC that you are the majority member of. You already have met any seasoning requirement to get a cash out refinance if that is what you are wanting to do?

So again, unless I misunderstood, this lender has a highly odd requirement. Get a new lender!!!

I hope this helps?